Kazakhstani business will have an opportunity to enter the Saudi Arabian market
Images | Ministry of Trade and Integration
From 24 to 26 November 2023, the operator of state export support measures QazTrade will organise a trade and economic mission for Kazakh producers to Saudi Arabia, Riyadh, press service of the Ministry of Trade and Integration reports.
The purpose of the business trip is to establish co-operation with business partners from Saudi Arabia, hold negotiations with importers, traders and distributors, and agree on export supplies from Kazakhstan.
The potential of Kazakhstan's exports to Saudi Arabia is estimated at $428 million. Commodity producers can supply the market of the largest country of the Persian Gulf with domestic products of 75 items. Enterprises of metallurgical and food industries, in particular, meat products, honey, flour and confectionery products have great export potential.
To date, 34 Kazakh producers of meat and honey products have been included in the Register of Exporters of Saudi Arabia.
At the end of 2022, trade turnover between Kazakhstan and Saudi Arabia totalled $16.5 million, of which exports accounted for $4.7 million.
The KSA market may become the most promising for domestic exporters of food products, as the Arabian Peninsula country imports more than 80% of food for its own needs.
As part of the trade mission, "QazTrade" JSC covers the costs of participants' accommodation, transfers in the host country and interpreters for business meetings and B2B negotiations.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
relevant news
Brand new car sales in Kazakhstan decline in May
Images | Depositphotos
According to the Kazakhstan Automobile Union (KAU), in May 2024, official dealers sold 12,032 units of cars and light commercial vehicles, as well as 781 trucks and buses in May 2024. This represents a 13.2% decrease compared to May last year, Kazinform News Agency reports.
A total of 66,457 vehicles were sold in the first five months of 2024, which is 0.1% more than in the same period in the previous year.
The 2024 sales figures were on par with those of the previous year, but the figures continued declining in May. The market is getting back to a normal, as it should be. We forecast sales at the level of 160,000 to 165,000 new cars this year. In turn, official dealers are continuing promotions and lucrative offers in order to encourage people to purchase new vehicles. However, the illegal importation of the older vehicles continues to grow," Anar Makasheva, KAU president, stated.
Hyundai maintains the top position in the top 10 bestselling cars with 2,424 units sold, representing a 44% decrease compared to May last year. Kia continues to hold the second position with 1,903 cars sold, a 13.4% decline. Chevrolet is third with 1,345 units sold, a 59.2% decrease. For the first time this year, Jac has secured the fourth position with 1,028 units sold, representing a 396.6% increase. Chery was fifth in May with 929 cars sold, a 39.7% increase. The next items on the list are Changan (679; +31.3%), Jetour (664), Haval (592; -5.4%), Toyota (571; +14.2%), and Geely (450; +74.4%).
After five months, Hyundai (14,760; -15%) leads the brand standings, with Kia in the second place with 8,541 cars sold (-13.4%) and Chevrolet in the third place with 6,159 cars sold (-65.1%). Chery dealers sold 5,428 cars, representing a 60.9% increase. In fifth place is Jac, which sold 4,022 units, an increase of 165.8%.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.
Agreement for construction of $1.5bn copper smelter signed in Kazakhstan Government
Images | primeminister.kz
Prime Minister of the Republic of Kazakhstan Olzhas Bektenov and Chairman of the Board of Directors of China Nonferrous Metal Mining Co. Ltd. Xi Zhengping discussed cooperation in the copper industry, primeminister.kz reports.
The result of the meeting was the signing in the presence of the Prime Minister of Kazakhstan Olzhas Bektenov agreement on the construction of a smelter with a capacity of 300 thousand tonnes of copper per year. The agreement was signed between KAZ Minerals Smelting LLP, which acts as the customer, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (NFC) as the supplier of design services and procurement of process equipment, and NFC Kazakhstan LLP as the construction and commissioning contractor.
The plant will be built near the village of Aktogay in the Abay region. The source of raw materials will be copper concentrate from Bozshakol and Aktogay mining and processing plants of Vostoktsvetmet LLP. The construction of the plant will create a cluster combining one of the world's largest copper mines and a modern copper smelting facility. The project, with a preliminary cost of $1.5bn, will create over 1,000 new jobs. It is scheduled to be commissioned by the end of 2028.
The high-tech enterprise will be the largest in the country for the production of high-value-added products. The applied technologies in the field of copper smelting correspond to the world environmental standards.
The enterprise will meet the domestic market demand for processing of copper-containing raw materials and copper cathode. It should be noted that cathode copper is widely used in the power industry, machine building and other industrial sectors. In addition, the new plant plans to produce refined gold, silver and sulphuric acid.
The Head of State has set the task of sustainable economic growth. The construction of the new copper smelter is a major industrial project that will increase the processing of copper raw materials mined in the country and will make a great contribution to the economy of our country. Copper industry is one of the priority sectors of our industry and its dynamic development is very important for us," Olzhas Bektenov emphasised.
For reference: China Nonferrous Metal Industry's Foreign Engineering and Construction Company Ltd (Non Ferrous China) is a state-controlled company listed on the Shenzhen Stock Exchange. It is involved in international project contracting and non-ferrous metal resource development. NFC was the first Chinese company to invest in non-ferrous metal mining and processing assets outside of China, and also owns mining projects in the PRC itself. It has business operations in more than 20 countries. NFC was the lead contractor on KAZ Minerals' Bozshakol, Aktogay and Bozymchak projects.
This information may not be reproduced without reference to Kazakhstan Today. Copyright of materials of News Agency Kazakhstan Today.