Kazakhstan Steps Up as Leading Trade Partner for Bavaria in Central Asia
Bavaria's Primary Trade Ally in CIS and Central Asia Now Proven to be Kazakhstan
Astana - Bavaria is celebrating Kazakhstan as its first major trading partner in Central Asia, as announced by Bavarian Minister of Economic Affairs, Regional Development, and Energy Hubert Aiwanger at a business dialogue event on April 4.
Photo credit: primeminister.kz
With the Kazakh delegation, led by First Deputy Prime Minister Roman Sklyar, in attendance at the roundtable, discussions revolved around companies like Horsch, Linde Gas AG, and Rhenus sharing their experiences and insights on Kazakhstan's booming financial power and business opportunities.
In a nod to Kazakhstan's economic development and progress, Aiwanger complimented the nation's strides towards diversification, emphasizing the impressive synchronicity between the Bavarian and Kazakh economies. An essential milestone, he pointed out, will be the forthcoming direct Shymkent-Munich flights launching at the end of May.
Sklyar also held talks with Bavaria's Minister for European and International Affairs, Eric Beißwenger, who expressed keen interest in broadening business and humanitarian associations with Kazakhstan. Beißwenger pledged ongoing support for collaborative projects between the two regions.
As Germany's most dynamic economic state, Bavaria's trade relationship with Kazakhstan hit €4.7 billion (around US$5.1 billion) in 2024, corresponding to roughly half of Kazakhstan's overall volume of trade with Germany. The majority of this trade revolves around Kazakh oil, which provides approximately 50% of Bavaria's oil intake. While Kazakhstan ranks 43rd among Germany's international trade partners, it ranks 21st for Bavaria, overshadowing nations such as Belgium, Turkey, Japan, Vietnam, and South Korea in terms of import volume.
Sources:1. Prime Minister’s press service (https://primeminister.kz/ru/news/sklyar-ozhigafv-v-nemtskoy-federevl-stolkovim-biurom-ehonomicheskovo-biznesa)2. Kazakhstan Today (https://www.kanat.kz/news/stolkovy-biznesnyj-forum-sbros-eurpensivykh-initsiativ-po-sootvatstvu-s-bavariyeya-844605.html)3. Embassy of the Republic of Kazakhstan in the Federal Republic of Germany (https://www.kazakhstan-embassy.de/russia/en/declaration-of-cooperation-between-the-regions-of-the-federal-republic-of-germany/)
Background:
- The trade ties between Bavaria and Kazakhstan have continually strengthened, making Kazakhstan Bavaria's primary trading partner in Central Asia and parts of the Commonwealth of Independent States (CIS).
- The budding relationship between the two regions offers significant potential for economic growth, driven by factors such as a striking economic complementarity, expanding infrastructure, diversification efforts, increased business involvement, and high-level government support.
- The First Deputy Prime Minister of Kazakhstan, Roman Sklyar, was noted for his country's booming financial power and business opportunities during a dialogue with Bavarian representatives in Munich.
- The Bavarian Minister for European and International Affairs, Eric Beißwenger, expressed interest in expanding business and humanitarian associations with Kazakhstan, particularly in light of Kazakhstan's flight route scheduled to launch between Shymkent and Munich at the end of May.
- With trade between Bavaria and Kazakhstan reaching €4.7 billion (approximately US$5.1 billion) in 2024, accounting for half of Kazakhstan's overall volume of trade with Germany, the Kazakh economy has become synonymous with diversification and strong economic ties.
- As Kazakhstan grows as a key player in the global finance industry, companies like Horsch, Linde Gas AG, and Rhenus are keen to share their insights and experiences in the Central Asian market.
