Kazakhstan and China Agrees to Cooperate in Finance, Banking and Custom Services

Kazakhstan and China Agrees to Cooperate in Finance, Banking and Custom Services

Kazakhstan and China have agreed to develop strategic ties in the finance and banking sector as well as to cooperate on enhancing the customs services of the two countries.

Kazakh First Deputy Prime Minister, Alikhan Smayilov said in terms of the customs service, Kazakhstan will receive data on export declarations submitted by Chinese nationals to China’s customs service.

“We will have the opportunity to compare these data with the imported customs declarations submitted by Kazakh citizens,” he said.

In terms of finance and banking, Kazakhstan and China plan to develop strategic ties between the Astana International Financial Center (AIFC) and Chinese financial institutions.

China is the fourth largest investors of Kazakhstan. The country invests in the latter’s metallurgy, transport and logistics sectors.

According to experts, the two countries continue to strengthen their trade and economic cooperation. Over the past three years for example, the bilateral trade between both countries has increased by 50%.

In terms of trade, 56% of freight traffic from China to Europe go through the Dostyk-Alashankou and Altynkol-Khorgos border crossings.

Currently, Kazakhstan is seeking to establish cooperation in its transport and logistics sector. The country is one of the main players of the New Silk Road revival strategy.

Photo: inbusiness.kz