Kazakhstan, Switzerland ink deal on precious metal industry

Switzerland's delegation led by Johann Niklaus Schneider-Ammann, the Head of the Federal Department of Economic Affairs, Education and Research - the Commerce Minister, visited Mangistau region, the regional administration's press service reported.

Governor of Mangistau region Yeraly Tugzhanov and Minister of Investment and Development Zhenis Kassymbek held a meeting with the head of the Swiss delegation at the regional administration. The sides signed a joint statement on the intention to conclude an agreement on the mutual recognition of hallmarks on precious metals and items made of precious metals.

As Zhenis Kassymbek underlined, in 2017, the foreign trade turnover between Kazakhstan and Switzerland exceeded $3 billion, increasing by 14% year-on-year. Kazakhstan's exports to Switzerland also grew by 14% over the same period.

"Switzerland is a strategic and important trade and economic partner of Kazakhstan in Europe. Our today's meeting is another evidence of our firm intention to further strengthen the trade and economic ties, expand the fields of mutual cooperation in the sectors of mutual interest," the Kazakh Minister of Investment and Development of the Republic of Kazakhstan said.

Over the past 12 years, the total inflow of direct investment from Switzerland to Kazakhstan has exceeded $20 billion. Presently, more than 300 Switzerland-invested joint ventures in such sectors as energy, transport, innovation, medicine, etc. are operating in Kazakhstan. Moreover, in the past three years, the total trade turnover between Mangistau region and Switzerland amounted to more than $7 billion, of which almost 99.9% is oil exports.

"11 joint ventures with the participation of Swiss capital have been registered in Mangistau region. The active trade turnover between our countries is facilitated by the region's powerful international transit-transport and logistics potential between Europe and Asia. TRACECA and North-South international transport corridors, connecting Eastern Europe with Central Asia and Northern Europe with countries of the Persian Gulf, run through its territory," said Yeraly Tugzhanov, Governor of Mangistau region.

Mr. Schneider-Ammann mentioned that his next visit is aimed at strengthening bilateral cooperation and told about the development of innovation and digitalization in Switzerland.

During the business visit, the delegation from Switzerland inspected the productive facilities of Kuryk Port LLP, Aktau Sea Northern Terminal LLP, subzones No.1 of SEZ Aktau Searport, Kazakhstan Pipe Traders LLP (Tenaris), and JSC Arcelor Mittal Tubular Products. Then the guests visited Aktau International Sea Trade Port JSC.

After Kazinform.