Kazakhstan and Germany Sign Ten Cooperation Deals at Business Meeting

29 Aug, 2024

Kazakhstan and Germany Sign Ten Cooperation Deals at Business Meeting

Kazakhstan and Germany have signed ten cooperation agreements during a recent Business Council meeting, marking a significant step in bilateral relations. The agreements include a framework for developing investment cooperation, a memorandum of understanding between the Saarbrücken Chamber of Commerce and Industry and Kazakh Invest, and several memorandums of mutual cooperation between companies from both nations. Additionally, an agreement was made to construct the Flight Design Kazakhstan plant.

The meeting, chaired by Kazakh First Deputy Prime Minister Roman Sklyar and Michael Harms, Executive Director of the German Committee on Eastern European Economic Relations, focused on joint projects in the agro-industrial and processing sectors. This event is especially notable as it precedes German Federal Chancellor Olaf Scholz’s upcoming visit to Astana in September.

Germany is Kazakhstan's largest trading partner in the European Union, and Kazakhstan is among Germany’s top 50 foreign trade partners. German investments in Kazakhstan are primarily directed towards non-oil sectors such as the processing industry, chemical industry, construction materials, transport, and agro-industrial complex. Established in 2010, the Kazakh-German Business Council plays a crucial role in coordinating business activities and attracting German investment into Kazakhstan’s economy, with 752 German-capital enterprises currently operating in Kazakhstan.