The Trade Value between the Kazakhstan and Kyrgyzstan Amounted to US$530 Million
Kazakhstan and Kyrgyzstan are strategic partners besides being neighboring countries. The trade value between the countries amounted to US$530 million this year. The countries are planning to increase the value to US$1 billion.
There are 1,100 joint Kazakh-Kyrgyz enterprises to date. Anton Ripp is one of the entrepreneurs who saw the advantages of the business interaction between the countries. His enterprise is able to increase its production volume by several times in six years of its production and take a free niche in the markets.
“We understood that there is no material in our market that would allow a customer to save money due to the fact that the facility is properly insulated. We also understood that such material is not available in the Kazakhstan market,” said General Director of Company, Anton Ripp.
Nearly 100 Kyrgyz enterprises operate in Kazakhstan, while the number of Kazakh companies operating in Kyrgyzstan is ten times more. The areas of activities vary.
“There are a lot of enterprises that are engaged in agriculture, processing, meat production and also trade. Our mutual trade turnover increases every year, every day,” said Spokesperson of Kyrgyz Ministry of Economy, Zainidin Zhumaliyev.
Experts said that the impetus for the growth of economic cooperation between the two countries is due to the joint work in the EAEU as well as the removal of customs duties.
Kyrgyz Ministry of Economy highlighted that the trade turnover in 2018 was higher than the previous year by 10 percent.
This year, the value increased by another 12 percent. The trend is expected to continue in 2020 based on analysts’ forecast.