Kazakhstan, China to implement projects worth $50 bln

/By AzerNews/

By Aynur Karimova

The total amount of the Kazakh-Chinese projects to be implemented before the end of 2015 will reach $50 billion, according to a statement made by the Director of the Kazakhstan Institute of Strategic Research, Yerlan Karin, at the Kazakhstan-China Expert Forum on September 16.

"As Chinese colleagues say, by the end of the year the total amount of contractual transactions will reach $45-$50 billion,” he said.

The expert also noted that the delivery of goods and cargo from the Kazakh-Chinese border to the Caspian seaport of Aktau has reduced by three days, which allows for increasing the turnover by around 40 percent.

"In addition, Kazakhstan is implementing a major project to modernize the existing Aktau seaport, which provides 25 percent of cargo transportation to the Caspian Sea. This will further enhance modernization by 10-15 percent," Karin said.

During Kazakh President Nursultan Nazarbayev's recent visit to China, the two countries signed agreements worth $23 billion on the implementation of 25 projects.

Karin believes that Nazarbayev's visit to Beijing suggests the launch of a practical stage of the Chine-initiated multi-billion Silk Road Economic Belt and Kazakhstan's "Nurly Jol" state program.

Karin also said that China will finance the construction and modernization of Kazakhstan's roads and highways.

"China intends to finance the construction and modernization of the Big Ring Road in Almaty and the Almaty-Ust-Kamenogorsk highway, and a number of other projects. Chinese funds will be involved for these purposes," he added.

Kazakhstan plays significant strategic and diplomatic role for China as it is the first stop along the China’s Silk Road Economic Belt.

Kazakhstan, being a large exporter of petroleum, is seeking to improve its industrial capacity to wean the economy off reliance on the energy sector. China, in turn, is helping with this transformation within the development of Silk Road Economic Belt. China also seeks increasing access to Kazakhstan’s natural resources.

China's economic influence in Central Asia has grown fast in the last decade in terms of regional trade. It has made deals worth tens of billions of dollars with Kazakhstan and other regional countries like Uzbekistan and Turkmenistan.