Seminar on Development of Cooperation Between Kazakhstan and Spain Was Held in the Capital City

The seminar was attended by experts, representatives of the public sector and the business community of both countries. Key speakers included Luis Martinez Montes, Ambassador of Spain to Kazakhstan, Assan Zhakishev, Acting Chairman of the Board of the Chamber of International Commerce of Kazakhstan, Assel Suankulova, Deputy Director of the Investment Attraction Department of KAZAKH INVEST, and Eduard Gulyan, President of ACIR Southern Europe.

“Today's seminar dedicated to business and investment opportunities between Kazakhstan and Spain is a unique platform for strengthening cooperation between our countries, developing new partnerships and discussing promising projects,” said Assan Zhakishev in his speech.

According to him, there are currently 47 companies with Spanish capital operating in Kazakhstan, up 6.8% year-on-year.

“These companies operate in various sectors, from trade and car repair to information technology and manufacturing. Spanish investors continue to invest in our market, which confirms their confidence in Kazakhstan's economic prospects,” he added.

The speaker also noted the challenges faced by the two countries. In particular, he mentioned the decrease in trade turnover between Kazakhstan and Spain by 22.5% in 2023. Nevertheless, Spanish investment in Kazakhstan grew by 33.3%, while Kazakh investment in Spain increased 7.8 times.

“Despite the decline in trade turnover, bilateral economic ties continue to develop. It is especially important to note the growth of investments from both sides. This is evidence of mutual interest and trust between our countries,” emphasized the representative of the Chamber of International Commerce of Kazakhstan.

Spanish Ambassador to Kazakhstan Luis Martinez Montes at a seminar on the development of cooperation between Kazakhstan and Spain included an emphasis on strengthening bilateral economic ties.

“Spain and Kazakhstan have a long history of mutual cooperation, and we are ready to continue working to expand our economic and trade ties. Our countries have already made significant progress in a number of projects, and today we see the potential for even more,” said Luis Martinez Montes.

Investment climate of Kazakhstan

Speaking at the seminar, Asel Suankulova, Deputy Director of the Investment Attraction Department of KAZAKH INVEST, presented to the Spanish side the investment climate of Kazakhstan, the current measures of state support and the work of the national company in attracting investment. Deputy Director also noted the growing interest of Spanish companies in the development of light industry in Kazakhstan.

“At the moment the portfolio of Spanish investments in Kazakhstan consists of only 13 projects for $212 mln. We invite Spanish investors to create joint projects in the hope of further expansion of partnership between our countries. In particular, we are interested in attracting investment projects in the light industry, relying on your deep knowledge and experience of technological developments in this area,” Suankulova emphasized.

Special attention to the water treatment sector and food industry

One of the key topics of the seminar was the water treatment sector, where the experience of Spanish companies can be invaluable for Kazakhstan.

“We are interested in localizing the production of water treatment equipment, as well as in joint projects that will help improve the environmental situation in Kazakhstan,” said Zhakishev, adding that the Kazakh side is ready to support such projects at all stages of their implementation.

He also noted the potential in the food industry sector, where Kazakhstan sees opportunities for joint projects to process food products, introduce new technologies and expand export markets.

Seminar results

At the end of the event, the participants discussed the upcoming visit of the Minister of Foreign Affairs of Spain to Kazakhstan and agreed to establish a “Central Asia-Southern Europe Business Club”, which will be a platform for the exchange of business practices and the development of business relations.