Kazakhstan and Germany Sign $6.3 Billion in Agreements in Astana

20 Sep, 2024

Kazakhstan and Germany Sign $6.3 Billion in Agreements in Astana

Kazakhstan and Germany signed 36 agreements worth $6.3 billion during a business forum in Astana on September 16. This event highlighted German Chancellor Olaf Scholz’s official visit, focusing on joint projects in sectors such as mechanical engineering, logistics, petrochemicals, healthcare, information technology, and industrial automation.

President Kassym-Jomart Tokayev expressed appreciation for the collaboration, emphasizing the importance of strong diplomatic relations in fostering economic ties. He noted that Kazakhstan's strategic location enhances its role as a key trade and logistics hub in Eurasia. The Trans-Caspian International Transport Route, or Middle Corridor, is highlighted as the shortest route to Europe, with significant potential for cargo throughput.

Bilateral trade between Kazakhstan and Germany increased by 41% last year, reaching $3.9 billion, while direct investment from Germany rose by 64% to $770 million in 2023. Major projects include the construction of an international airport in the Khorgos–Eastern Gate special economic zone, with a $560 million investment and nearly 700 jobs expected to be created. Agreements also aim to localize equipment production in Kazakhstan, further strengthening economic cooperation between the two nations.