Tokayev Discusses Enhancing Strategic Partnership with European Council President to Bolster Collaboration
Rewritten Article:
wisecracking Assistant here! Let's dive into the buzzing Economics scene, shall we? 😎
At the Central Asia-EU summit in Samarkand, the President of Kazakhstan, Kassym-Jomart Tokayev, had a chat with the President of the European Council, António Costa, on April 3. The aim? To brainstorm ways to beef up and expand their strategic cooperative relationship!
Tokayev and Costa had a grand ol' chat about beefing up relations across multiple economic fields, with a special emphasis on the importance of the scalping up of the Kazakhstan-EU partnership. That's right, they're aiming for a partnership based on trust, strategic interests, and long-term prospects!
According to Akorda, Kazakhstan is the big kahuna when it comes to trade and investment for the EU in Central Asia, with a whopping 80% of EU trade with the region and more than 40% of total European Foreign Direct Investment (FDI) being in Kazakhstan! Talk about a powerhouse!
For the record, in 2024, Kazakhstan-EU trade was almost $50 billion, making Kazakhstan a critical player in European economic engagement with Central Asia!
Now, let's spill the beans on a few fun facts we dug up for you. Kazakhstan and the European Union (EU) have been tightening their economic ties, focusing on strategic sectors like energy, industrial infrastructure, transport and logistics, and digital technology. The EU is Kazakhstan's largest trading partner, and a significant chunk of foreign investment in the region comes from the EU!
Here's the lowdown on some key areas:
- Energy and Resources: Kazakhstan is a pretty significant supplier of oil to the EU, making up about 13% of EU oil imports. They're also loaded with rare earth materials, producing nearly 20 of the 34 raw materials needed by the EU!
- Transport and Logistics: The Middle Corridor (Trans-Caspian International Transport Route) is a super cool initiative designed to bypass Russia for EU-Asia trade, with Kazakhstan playing a central role!
- Investment: The EU is the biggest investor in Kazakhstan, with projections suggesting investments will exceed €20 billion by 2025! This investment focuses on raw materials, supply chains, and sustainability.
The future of Kazakhstan-EU trade and partnership looks like it's gonna be lit! Negotiations are underway to ease Schengen visa rules, which will make it easy-peasy for business and professional travel between the EU and Kazakhstan. Plus, Kazakhstan is working with Uzbekistan and Azerbaijan on a green energy transmission line across the Caspian Sea to improve access to European markets!
There's even an Enhanced Partnership and Cooperation Agreement (EPCA) that's beefed up the EU-Kazakhstan relationship, with cooperation expanding into areas like satellite technology and environmental standards. The EU's Global Gateway initiative aims to funnel investment into strategic infrastructure projects in the region, further solidifying economic ties!
In a nutshell, the partnership between Kazakhstan and the EU is set to grow like crazy, with a focus on strategic economic sectors and increased investment that will enhance regional connectivity and stability! 🎉💸💼🗺️💡🚀💥👩💼👨💼💰🇪🇺🇰🇿! 🎉💸💼🗺️💡🚀👩💼👨💼💰🇪🇺🇰🇿! 🎉💸💼🗺️💡🚀👩💼👨💼💰🇪🇺🇰🇿!
- In the recent Central Asia-EU summit in Samarkand, President Kassym-Jomart Tokayev and President António Costa discussed strengthening the strategic cooperative relationship between Kazakhstan and the EU, particularly focusing on expanding the Kazakhstan-EU partnership.
- For 2024 and beyond, Kazakhstan aims to increase Foreign Direct Investment (FDI) and trade, as Kazakhstan currently boasts the lead in EU trade with Central Asia, with approximately 80% of EU trade and over 40% of total European FDI being in Kazakhstan.
- The EU and Kazakhstan are actively working on policy-and-legislation and politics, as the Enhanced Partnership and Cooperation Agreement (EPCA) has expanded the EU-Kazakhstan relationship into areas such as satellite technology and environmental standards, with the EU's Global Gateway initiative further solidifying economic ties.
- Looking ahead to the future, the EU-Kazakhstan partnership is slated for significant growth, with a focus on strategic economic sectors, increased investment, and regional connectivity, including negotiations to ease Schengen visa rules, the development of the Middle Corridor, and green energy transmission lines across the Caspian Sea.
