Over the past five years, the total investment volume between Thailand and Kazakhstan amounted to $100mn, Thailand’s Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai shared during his visit to Astana on August 14.
Trade between Kazakhstan and Thailand has seen a rise, with turnover increasing by 35.9% to reach $367.7mn. Kazakhstan’s export of goods to Thailand also saw a boost, climbing to $55.3mn. Minister Shakkaliyev highlighted the importance of this relationship, noting Thailand’s role as a key trading partner in Southeast Asia.
“Thailand is a key trading partner of Kazakhstan in Southeast Asia. We see significant potential for increasing exports of over 100 commodity items worth more than $900mn, including metallurgical products, chemical goods, agriculture, and mineral resources,” Shakkaliyev stated.
He also highlighted Kazakhstan’s potential to export items like honey, caviar, meat delicacies, and premium alcohol to Thailand.
In addition, Kazakhstan and Thailand signed an agreement on trade and economic cooperation, formalized by Kazakhstan’s Minister of Trade and Integration, Arman Shakkaliyev, and Deputy Prime Minister Wechayachai.
The newly signed agreement is expected to enhance long-term bilateral economic relations between the two countries. Kazakhstan stands to benefit from increased Thai investment, particularly in its special economic zones, which offer attractive conditions such as tax and customs duty exemptions. This, in turn, is anticipated to spur the development of new industries, create jobs, and positively impact the Kazakh economy.
Discussions during the meeting also covered cooperation in the industrial sector, with a focus on joint projects in the processing of sheep wool and the production of fabrics, leather, and footwear. Kazakhstan proposed various benefits and incentives for new investment projects, aiming to attract further Thai investment.
Shakkaliyev also stressed the potential for developing air cargo routes to increase trade in high-margin goods and emphasized the role of a favorable visa regime in boosting business activity between the two countries.
Deputy Prime Minister Wechayachai echoed these sentiments, proposing the opening of a Representative Office of Thailand for the Promotion of Foreign Trade in Kazakhstan as a mechanism to further develop bilateral trade relations. He also invited Kazakh entrepreneurs to participate in an upcoming trade exhibition in Thailand.
“Thailand and Kazakhstan have always maintained good relations, and we hope that both countries can further improve and strengthen their economic, trade, and investment relations,” Wechayachai stated.
He also noted that Kazakhstan ranked as Thailand’s second-largest partner in the Eurasian Economic Union (EAEU) in 2017, with a total trade volume of $172mn.
