Kazakhstan and Belgium increase trade turnover

The first meeting of the Kazakhstan-Belgium Business Council to enhance bilateral economic relations took place in Astana. Belgium is an important economic partner of Kazakhstan, with investments from Belgium amounting to $11.52 billion. The trade turnover in 2022 exceeded $514 million. The implementation of 7 investment projects totaling over $307 million is proposed. Kazakhstan is the largest supplier of oilseeds and their products to Belgium.

13 June 2023

Astana hosted the first meeting of the Kazakh-Belgian Business Council to intensify bilateral economic relations. The event, organized by Baiterek NMH JSC with the support of KAZAKH INVEST NC JSC, brought together more than 50 representatives of government agencies and businesses of the two countries.

As noted in the press service of KAZAKH INVEST, Belgium is an important economic partner of Kazakhstan in the European Union. There are a number of intergovernmental agreements between the countries aimed at deepening trade and economic cooperation, encouraging and mutual protection of investments.

“Economic relations between Kazakhstan and Belgium are developing dynamically. The inflow of investments from Belgium since 2005 has amounted to $11.52 billion, moreover, the Kingdom has been a leader among Kazakh investors for many years. Trade turnover in 2022 exceeded $514 million, an increase of 19% compared to 2021.

Regional Director for Europe of KAZAKH INVEST Daulet Saktaganov invited Belgian companies to implement projects in Kazakhstan. According to him, today the list of Kazakh-Belgian investment projects consists of 7 projects totaling more than $307 million.

Help APK-Inform. Based on the results of 8 months of 2022/23 MY, Belgium is one of the three largest importers of Kazakh oilseeds and their derivatives. During this period, Kazakhstan exported 78.55 thousand tons of these products to Belgium, the lion's share fell on oil flax (78.3 thousand tons). Also, small shipments of safflower and safflower oil were sent to this country.

At the same time, for the same period of the previous two seasons, the export of Kazakh flax to Belgium exceeded 100,000 tons.

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Kazakhstan and Belgium increase trade turnover

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