Economic cooperation

Trade and investment cooperation

Bilateral trade volume for the first 11 months of 2016 amounted to 65.9 million USD. (Import to Kazakhstan - 55mln.USD, exports from Kazakhstan - 10,9mln.USD). Norway mainly sells fish and fish products - 48.4%; professional and scientific equipment - 31.1%; pre-fabricated buildings - 11.3%; different types of equipment (transport, generator, office, telecommunications) - 7.6%; chemical industry products (organic and inorganic chemicals, plastic, rubber and metal products) - 1.6%. Kazakhstan's exports to Norway consist of grains, cereals and oilseeds - 85.9%; various industries equipment – 6.1%; non-ferrous metals - 5.3% , and professional and scientific equipment 2.7%.

Currently, there are 11 Norwegian companies operating in Kazakhstan.

A landmark event in bilateral relations was achieved on the 18th of November 2015 with an official opening of the Council of the Norway-Kazakhstan Chamber Of Commerce And Industry, under the leadership of Mr . Alexander Khrol, CEO «Nord Development AS». Several key areas of work as well as a set of specific targets for further activities of NKCCI were identified.

The establishment of the Honorary Consul institution on the 13 of October 2015, aimed at promoting trade and economic cooperation, attraction of small and medium-sized businesses to participate in the implementation of joint investment projects, is considered as an important milestone.

The bilateral intergovernmental commission on cooperation, which, as planned, should become a key mechanism for the development of trade and economic relations, and play a special role in the stimulation of business activity.

An important step in ensuring a favorable environment for the development of mutual investments between Kazakhstan and Norway, providing equitable treatment, protection and safety of investments of capital of all kinds, as well as the potential implementation of advanced technologies and knowledge in to the economy of Kazakhstan will be the conclusion of an Agreement on promotion and mutual protection of investments between the two countries, as well as reforming the tax legislation of Kazakhstan in accordance with the proposals of the Organization for economic cooperation and development (OECD).

Created at : 6.11.2016, 18:50, Updated at : 6.11.2016, 18:50