The trade balance between Kazakhstan and Austria in 2022 amounted to 202.7 million US dollars, 24.3% higher than in the previous year
The 11th meeting of the Kazakh-Austrian Intergovernmental Commission for Economic, Agricultural, Ecological, Technical, Industrial, and Technological Cooperation (IGC) occurred in Graz. The event aimed to strengthen trade and economic cooperation between Kazakhstan and Austria.
The meeting was moderated from the Kazakh side by Deputy Foreign Minister Roman Vassilenko and from the Austrian side by the Director General for Economic Affairs, Innovation and International Policy of the Federal Ministry of Labour and Economy, Florian Frauscher. Representatives of the branch ministries and authorities of both countries also participated in the work of the IGC, Kazinform learnt from the Foreign Ministry’s press service.
According to the agenda of the IGC, the parties exchanged views on the current economic situation in Kazakhstan and Austria and the measures taken by the two countries' governments to enhance the economy.
«Today, Kazakhstan faces an important task – to accelerate the pace of comprehensive modernization and make a breakthrough in socio-economic development,» Vassilenko noted, informing about the progress of large-scale reforms in the country. He also invited Austrian companies to explore the Kazakh market actively.
The Austrian side showed particular interest in the measures taken by the government of the Republic of Kazakhstan to diversify the economy and increase investment attractiveness. Furthermore, the parties reaffirmed their interest in deepening mutually beneficial cooperation and discussed prospects for further cooperation in energy, transport, agriculture, healthcare, tourism, and digitalization.
Expressing their mutual interest in strengthening cooperation in several areas, IGC participants updated the list of joint priority projects and agreed to strengthen bilateral cooperation in specific industries.
The parties welcomed trade growth and economic cooperation between Kazakhstan and Austria. Some of the largest Austrian ICT, light industry, and agriculture companies successfully conduct business in the Kazakh market.
The Austrian Co-Chairman of the IGC stated that Kazakhstan is Austria's leading partner in Central Asia and stressed the importance of expanding trade and economic cooperation with Kazakhstan.
In the framework of the IGC, a cooperation agreement was signed between the Kazakh Institute for Standardization and Metrology and «Austrian Standards». Concluding the event, the parties signed the Meeting Minutes.
On the same day, a Kazakh-Austrian business forum was held in Graz, where the investment potential of Kazakhstan was presented, and cooperation in engineering, agriculture, and other branches was discussed.
For reference: The trade balance between Kazakhstan and Austria in 2022 amounted to 202.7 million US dollars, 24.3% higher than in the previous year (163.1 million US dollars).
