Prime Minister of Kazakhstan Olzhas Bektenov met with Liu Jun, Chairman of the Industrial and Commercial Bank of China (ICBC), to discuss plans to expand financial cooperation and attract long-term investments exceeding CNY 1bn ($139mn).
During the talks, the two sides explored deepening investment ties amid growing economic cooperation. Bektenov emphasized the importance of building a strategic partnership with ICBC, one of China’s largest state-owned banks, highlighting Kazakhstan’s openness to joint projects in sustainable finance, infrastructure, and industry.
“The head of state has set the task of attracting investments to the economy. The government is actively working to strengthen cooperation with international financial institutions. Kazakhstan and China have a long history of friendship and cooperation based on personal friendly contacts between the leaders of the two countries. We are interested in developing a long-term strategic partnership with ICBC,” Olzhas Bektenov noted.
China remains a key investor in Kazakhstan, with $26bn in accumulated capital. In 2024, bilateral trade reached a record $44bn. From January to April 2025, trade volume continued to rise, increasing by 3.4% y/y.
ICBC, which operates in Kazakhstan through its Almaty-based subsidiary, has already played a role in supporting key sectors of the economy. In March 2025, it helped channel CNY 430mn ($59.8mn) through Baiterek Holding to finance Kazakhstan’s Agrarian Credit Corporation, contributing to long-term support for the agricultural sector.
The sides are now considering a new loan of over CNY 1bn ($139mn) for the Industrial Development Fund and are exploring the issuance of bonds on the Chinese debt market worth up to CNY 5bn ($695.4mn).
Liu Jun reaffirmed ICBC’s commitment to expanding its presence in Kazakhstan, citing opportunities for innovation, financial system support, and closer ties between the two countries’ business communities.
Both parties agreed to strengthen collaboration through new joint projects aimed at boosting economic growth and enhancing investment cooperation.
