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China, Kazakhstan sign cooperation deals worth over $8 billion during President Xi’s visit

The two sides signed at least 24 deals in different fields including energy, mining, chemical industry, mechanical manufacturing, agriculture and infrastructure.

India TV Business Desk, New Delhi [Published on:10 Jun 2017, 9:01 AM IST]
Zhong Shan
Chinese Commerce Minister Zhong Shan

Chinese and Kazakh companies  on Friday signed deals worth more than $8 billion during Chinese President Xi Jinping's visit to Kazakhstan.

The two sides signed at least 24 deals in different fields including energy, mining, chemical industry, mechanical manufacturing, agriculture and infrastructure, according to Chinese Commerce Minister Zhong Shan. 

China signed an agreement with Kazakhstan to supply the latter with super computer equipment, and the two countries are discussing the signing of a renewed investment protection deal, he said.

They also inked a protocol to approve the entry of Kazakhstan's frozen mutton to China.

Zhong said both sides will continue measures to facilitate bilateral trade, expand cooperation in economy and trade, customs and quality inspection, and cement the rebounding momentum in bilateral trade.

China and Kazakhstan agreed to quicken the implementation of plans to align the China-proposed Belt and Road Initiative with the Kazakh "Bright Path" new economic policy.

The Belt and Road Initiative, proposed by Xi in 2013, comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.

Kazakhstan's "Bright Path" policy is aimed at revitalizing the country's economy.

Kazakhstan is a comprehensive strategic partner of China and an important member of the Shanghai Cooperation Organisation (SCO).

Xi is currently paying a state visit to Kazakhstan.

During his trip, the two countries reached a broad range of consensus on trade, investment, energy and financial cooperation, and achieved positive results.

Meanwhile at the Astana summit of the SCO, Xi put forward a series of economic and trade proposals.

To implement these proposals, Zhong said the Chinese Ministry of Commerce will work to advance the mechanism arrangement for regional economic cooperation.

The ministry will actively promote cooperation between small and medium-sized enterprises and local governments from SCO member countries.

China will also work for the establishment of a union of economic think tanks and strengthen capability building by promoting people-to-people exchanges.

(With IANS inputs)