Kazakhstan and China signed 30 trade documents worth $16.54 billion on 17 October during President Kassym-Jomart Tokayev’s official visit to China, the Akorda press service reported.

Major Kazakh and Chinese companies and institutions signed agreements on the transfer of technology for production, the opening of credit lines, the supply of vehicles powered by new energy sources, and trade and investment agreements.

On Tuesday, the President held several meetings with the heads of China’s largest companies, including CITIC Group and Sinopec.

During the meeting with the Chairman and Executive Director of CRRC Corporation Limited, Yongcai Sun, the parties discussed cooperation in the fields of mechanical engineering and rail transport.

Kazakhstan Temir Zholy National Railway Company and CRRC signed a US$1.3 billion agreement for the purchase of 200 shunting and mainline diesel locomotives and the establishment of engineering and service centres in Kazakhstan.

The President noted that Kazakhstan is interested in deep localisation of locomotive production using advanced technologies and the development of railway equipment service centres. He emphasised that Kazakhstan is an important transport and logistics hub through which CRRC can access the Eurasian and European markets. Tokayev supported the company’s plans to invest $200 million.

“Over 20 years of cooperation, Kazakhstan has purchased nearly 300 passenger coaches and locomotives and 6,000 freight cars from CRRC. I am confident that we have every opportunity to take our partnership to a new level,” said Tokayev.

CRRC Corporation Limited is the world’s largest railway equipment manufacturer, holding nearly 50% of the global locomotive production market.

During talks with Huijiao Yu, Chairman of the logistics company YTO Express Group, the sides discussed prospects for cooperation in e-commerce, transport and logistics.

President Tokayev noted that such major marketplaces as Alibaba, Wildberries, OZON and JD.com operate in Kazakhstan. The country plans to increase the share of e-commerce to 20% of the total trade market by 2030.

During the meeting, the President heard about the company’s plans to enter the Kazakh market and open a Central Asian headquarters in Kazakhstan.

“We have great opportunities for mutually beneficial cooperation under the Belt and Road Initiative. Today, e-commerce is one of the fastest growing sectors of the economy, generating about $7 trillion in GDP,” Tokayev said.

Marat Karabayev, Minister of Transport of Kazakhstan, commented on a number of important documents on transport relations signed during the President’s official visit to China.

“The Kazakh Ministry of Transport has signed four documents with Chinese partners. Two of them are intergovernmental agreements on the development of the Trans-Caspian International Transport Route (TITR).

The third document calls for the construction of the Tacheng-Ayagoz railway line, the construction of a third railway checkpoint between Kazakhstan and China, and the establishment of border terminal facilities. The fourth is a new approach to developing an air route that will lay the groundwork for the rapid growth of freight hubs in Kazakhstan,” said Karabayev.

Source: The Astana Times