The latter is providing $350 million to finance the project.Ī Joint Business Council comprising the Federation of Pakistan Chambers of Commerce and Industry and Chamber of International Commerce of Kazakhstan has been established recently that will further improve bilateral trade relations by convening private business companies. It is a joint venture project between M/S Habib Syndicate, Aktobe Rail and Section Work, Intra Construction and KazakhExports.
For instance, an agreement to implement a $500 million project to carry out rail-track rehabilitation from Sukkur to Karachi was signed in November 2021. Realizing this potential, the governments of Kazakhstan and Pakistan have embarked upon several projects to usher in a new era of the bilateral relationship.Įmbassies and trade missions of both countries are constantly working to promote bilateral trade and business. In every global assessment, Pakistan has been placed among the top three countries that have efficiently coped with the Covid-19 pandemic. Youth comprises over 120 million people, while the emerging middle class of 80 million people opens up opportunities for sustainable development.
In addition, 90 percent of the private sector is run by small and medium-sized businesses that contribute 60 percent to GDP. Pakistan, meanwhile, offers access to the fifth-largest population in the world. Finally, the Astana International Finance Centre makes Kazakhstan a key financial hub in the region. In addition, it is a member of the Eurasian Economic Union, which gives it access to a common market of over 180 million consumers. Secondly, 70 percent of the transit traffic between China and Europe passes through the country, which also has 24 airports with 72 air corridors. Firstly, the country has plenty of natural resources, including oil, gas and minerals, as well as significant agricultural potential. Kazakhstan can be considered an attractive investment hub for several reasons. Meanwhile, over 75 mega BRI projects worth $35 billion are operating in Kazakhstan not least because of the country’s role as a global transit hub.Īs of 2022, Kazakhstan, with a population of 19.3 million, is the richest country in Central Asia with a record high foreign trade turnover of $134.4 billion. The China-Pakistan Economic Corridor is the flagship project of BRI with an investment of $62 billion that offers Central Asian countries access to the warm waters of Gwadar seaport. Current developments, such as the prospects for stability after the withdrawal of NATO forces from Afghanistan, the emerging multipolar world, and the expansion of the Belt and Road Initiative (BRI) in Central Asia and South Asia are opening new vistas of opportunities for bilateral trade and investment cooperation, and facilitating regional connectivity. Both countries have enjoyed cordial relations, mutual understanding, and a common approach towards global issues. Diplomatic relations between the two brotherly nations were established when Nursultan Nazarbayev, the first President of Kazakhstan, visited Pakistan in 1992.
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