Indonesia and Kazakhstan boost bilateral trade

The trade turnover between Indonesia and Kazakhstan may reach $300 million by the end of 2013, Tengrinews.kz reports, citing the country’s Vice Minister of Economic Affairs and Budget Planning Timur Zhaksylykov as saying following the Kazakh-Indonesian business forum. “There has been a substantial growth of the bilateral trade turnover. We assign the growth to the increased exports of oil and gas products to Indonesia. In 2012 the trade turnover stood at around $65 million. For the H1 2013 the figure grew to $150 million. Should the trend be upheld, the indicator is set to reach $300 million by the end of the year”, the Vice Minister said. According to him, Kazakhstan and Indonesia have been developing mutually beneficial ties since 1993. In June 2013 the two nations celebrated the 20th anniversary of establishing the diplomatic ties. “Since the start of 2013 the exports total $129.2 million, 6.2 times up against the H1 2012, with the imports reaching $21.3 million, 16.4% up. From 1997 to 2012 the foreign direct investments from Indonesia exceeded $500 million”, the Vice Minister said.