ISLAMABAD: Ambassador of Kazakhstan to Pakistan, Yerzhan Kistafin, on Wednesday highlighted the potential for a substantial $1 billion bilateral trade between Pakistan and Kazakhstan.
Speaking at a seminar organized by the Islamabad Women’s Chamber of Commerce and Industry (IWCCI), the Ambassador emphasized the significance of communication and interaction between the two countries to realize this economic potential.
The Ambassador acknowledged the pivotal role that IWCCI and other local business chambers can play in increasing bilateral trade and cooperation between the business communities of both Pakistan and Kazakhstan. He pointed out that 47% of Kazakhstan’s economy is currently contributed by Small and Medium Enterprises (SMEs), which continue to grow steadily. Kazakhstan has recognized the vital role of women in its economy, with many women entrepreneurs owning successful businesses in sectors such as textiles, clothing, fashion, and IT.
Yerzhan Kistafin urged IWCCI to organize a delegation to visit cities in Kazakhstan, including Almaty and Astana, to explore business opportunities and establish strong business links between women entrepreneurs from both countries.
Kazakhstan’s Attractiveness to Foreign Investment
During the seminar, the Ambassador also highlighted Kazakhstan’s attractiveness for foreign investment, with foreign investments reaching $400 billion over the last decade. In the fiscal year 2022 alone, the country attracted $26 billion in foreign investment. Kazakhstan currently ranks 25th in the World Bank’s Ease of Doing Business ranking.
In terms of potential sectors for bilateral trade and cooperation, the Ambassador mentioned textile, pharmaceutical, agriculture, tourism, and IT. A mutual agreement between the Bank of Punjab and the Bank of Uzbekistan will facilitate the opening of Letters of Credit (LCs) for trade. Transit trade routes between Pakistan and Kazakhstan, either through Afghanistan to Uzbekistan and Kazakhstan or from China to Kyrgyzstan and Kazakhstan, were also discussed.
The recently signed Quadrilateral Traffic in Transit Agreement (QTTA) is expected to expedite trade between the countries, and the upcoming transit trade agreement and customs agreement will further enhance bilateral trade.
Ambassador Yerzhan Kistafin also stressed the importance of education and medical education ties between the two nations. Currently, around 1,500 Pakistani students are studying in Kazakhstan, with potential for further growth.
The seminar aimed to strengthen bilateral relations, foster economic integration, and enhance cooperation in the SME sector between Pakistan and Kazakhstan. The event also marked the 15th anniversary of the IWCCI, and the Ambassador took part in the cake-cutting ceremony and engaged in discussions with businesswomen.
