Current presence of China in Kazakhstan’s economy poses no threat: Economy Minister Kelimbetov

05 августа 2011, 01:22
“I don’t share the fear that the current presence of China in the Kazakhstan’s economy poses a threat to the national safety (…)”, quoted the country’s Minister of Economic Development and Trade Kairat Kelimbetov as saying in an interview for Russian Kommersant newspaper .

According to the Minister, “the biggest trade partner of Kazakhstan at the present stage is the European Union, followed by Russia. China comes third. In terms of oil production, joint ventures with the Chinese account for 20% of the production output. Plus, a Turkmen gas pipeline runs across Kazakhstan, transporting some part of Kazakh gas [towards China] as well. There are both risks and opportunities. … There is an opportunity to access the markets of the leading driving force of the global economy, i.e. China. It will take some time for the world to accept that some nation is catching up with the USA and for the third decade in a row has seen economy growth of 10% per annum. But this is a reality. And this reality is next to our national border”.

June 13 Kazakhstan President Nursultan Nazarbayev had held talks with Chinese President Hu Jintao in Astana. Astana and Beijing officially announced advancement to a new level of strategic partnership. The signed declaration provides comprehensive cooperation between Kazakhstan and China. Besides, the parties agreed on currency swaps.

Another agreement was made on supply of uranium pellets from Kazakhstan to China.

"We are among the major uranium suppliers. Where shall we send the uranium? It is no longer needed in Europe – excepting France – following the Fukushima disaster. Russia has uranium of its own. We only have China and India to supply to. Where shall we send our metals? To China only. However, Kazakhstan is trying to diversify its markets", quoted Economy Minister Kelimbetov as saying in the interview for Russian Kommersant newspaper August 4.

Earlier reported that the turnover between Kazakhstan and China in 2011 may grow by 20%, citing officials of the Chinese embassy in Kazakhstan. According to the Chinese side, against the background of a positive global economy performance the trade turnover between the two nations is set to grow at least by 20%. According to Kazakhstan’s statistics, trade turnover between the two nations in 2010 stood at $20.3 billion, 45% up against 2009.

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