Kazakhstan Increased Volumes of Export to Azerbaijan
The trade turnover between Kazakhstan and Azerbaijan amounted to US$ 183 million in the first nine months of this year. At the same time, Kazakhstan’s export has also increased by 22 percent. The main export product, grain has been increased as well and made up one quarter of the total export. This year, Azerbaijan has purchased wheat from Kazakhstan for US$58.5 million.
“Kazakhstan is one of the main partners of Azerbaijan in the areas of agricultural products. In terms of trade relations, the main share accounts for wheat. In the first nine months of 2019, Azerbaijan imported 265,000 tons of wheat from Kazakhstan. This is 30 percent higher than the figure in last year which was only 204,000 tons of the imported wheat,” said Spokesperson of Azerbaijani Ministry of Agriculture, Saadat Gadzhiyeva.
Analysts stated that positive dynamics is observed in all areas of economic cooperation. Not only agricultural products, but also light industry goods as well as oil and gas equipment are being traded between the countries. Meanwhile, economists said that there is potential to increase these results by several times.
“We are expecting to start the cooperation with Kazakhstan in high-tech sectors of the economy in the short-term. These are the sectors that will ensure the fast growth of the global economy. I think that if we succeed in this, it is quite realistic for us to believe that the volume of the trade turnover might reach up to more than US$1 billion,” economist, Elshad Mamedov.
The countries are planning to establish new ties among entrepreneurs in food industry as well as construction and tourism The opening trading warehouses in both countries is in the future pipeline. Experts said that Kazakhstan and Azerbaijan should make the most out of their advantageous geographical location in order to strengthen the economic partnership.