Kazakhstan, India, China: SCO Business Forum in Astana Ended with New Partnerships

A large-scale SCO business forum was held in Astana today, the theme of which was trade and economic cooperation in the fields of investment, trade, industry, transport, culture and tourism. The event brought together major business representatives from the SCO member states, providing Kazakhstani entrepreneurs with a unique platform for establishing direct business contacts, discussing joint projects and signing agreements. The business forum ended with the signing of memoranda of understanding between Kazakhstan and the SCO member states.

The importance of the forum

The Forum has opened new horizons for economic cooperation between the SCO countries. During the event, B2B meetings were held, where promising projects and possible investments were discussed. Also, following the results of the forum, Memoranda of Understanding were signed, the first between Chairman of the National Part of the SCO Business Council of India Tribhuvan Darbari and Chairman of the Chamber of International Commerce of Kazakhstan Murat Karimsakov. The second memorandum was signed by two large logistics companies of Kazakhstan and China – the Union of Transport Workers of Kazakhstan “Kazlogistics" and the Global Logistics Alliance. Other forum participants were also able to find new partners and discuss further steps to strengthen mutually beneficial relations.

Economic achievements of Kazakhstani business in the SCO

The domestic business actively cooperates with the business of the SCO countries, covering many sectors of the economy, such as the agro-industrial complex, mechanical engineering, energy, logistics, medicine, education, IT and tourism. Our trade relations are constantly growing, export and import volumes are increasing, and joint entrepreneurship is developing.

"Today in Kazakhstan there are more than 29 thousand companies with the participation of the SCO countries' capital and more than 5 thousand joint ventures. In 2023, the volume of investments from the SCO countries to Kazakhstan amounted to $4.6 billion. These figures demonstrate how strong our trade and economic ties are. Taking this into account, our Chamber is ready to deepen cooperation and expand opportunities for mutually beneficial partnership,” said Murat Karimsakov, Head of the Chamber of International Commerce of Kazakhstan.

Daulet Alibi, Country Manager for China, India, Pakistan and Mongolia at NC KAZAKH INVEST, also notes the high investment potential of Kazakhstan. For example, our country remains the most attractive investment destination in Central Asia. Over the years of independence, we have attracted more than $431 billion in foreign direct investment, the most in the region.

"In 2022, Kazakhstan attracted $28 billion in foreign direct investment, a record figure over the past 10 years. In the first nine months of 2023, it raised $19.7 billion. If we consider large investors, the Netherlands has the largest share of foreign direct investment in Kazakhstan, followed by the United States, followed by Switzerland. We hope that India will become one of the largest investors in the near future," said the country manager for China, India, Pakistan and Mongolia.

International cooperation

Attracting strategic investments is crucial for the sustainable development of our member states, which is why the SCO countries must create a favorable business environment that encourages both domestic and foreign investment. This opinion was expressed during his speech by one of the signatories of the Memorandum with the Foreign Trade Chamber of Kazakhstan, Chairman of the National Committee of the SCO Council of India TribhuvanDarbari.

"Moreover, we should explore new forms of cooperation, such as public-private partnerships and specialized venture funds, to solve emerging problems and take advantage of emerging opportunities. By providing preferences such as tax breaks and simplification of customs procedures, we can increase the investment attractiveness of our regions," Tribhuvan Darbari said.

Further plans

At the forum, Murat Karimsakov informed the forum participants about the creation of the International Business Connect digital platform, designed to attract and interact with foreign investors.

“A Register of foreign investors and a Pool of investment proposals in Kazakhstan will be formed on this platform. Foreign partners and potential investors register through a QR link, create their own personal account, and get access to the register of investors with investment proposals by industry and region, as well as with gradation by budget,” the speaker added.

Special attention was also paid to logistics and transport issues at the forum. It is noted that the transport industry is one of the main areas of cooperation between the SCO member states, and 13 international transport corridors run through Kazakhstan, including five by rail and eight by road. The Head of State has set the task to increase the volume of transportation along the Trans-Caspian International Transport Route by 5 times.

Thus, the SCO Business Forum in Astana has become an important event for strengthening economic ties between the participating countries, opening up new opportunities for cooperation and growth.