Kazakhstan, Tatarstan seek to boost trade turnover to $1bn

AKIPRESS.COM - Russia's Tatarstan Republic aims to bring mutual trade turnover with Kazakhstan to $1 billion, Chairman of Tatarstan State Council Farid Mukhametshin has said, MENAFN reports.
'We have brought the volume of trade between Tatarstan and Kazakhstan through joint interested efforts to more than $700 million. Yesterday, we discussed with the Prime Minister, with representatives of both chambers of the Parliament, and set the task of bringing trade to $1 billion, there are all possibilities for this. In the next 2-3 years, Mukhametshin stated.
Elaborating on the plans to increase the turnover, he stressed that Tatarstan will build new factories in Kazakhstan to produce components for the production of Kamaz vehicles, which are in high demand in the world.
'This is deeper integration, it's not just buying and selling. It's after-sales service of cars, it's the production of parts without which Kamaz will not work. It will be produced in Kazakhstan, he noted.
Touching upon the development of other activities, he said that the parties discussed petrochemistry, pharmaceuticals, and a number of other areas in which Tatarstan needs to work more closely with Kazakh business.
Diplomatic relations between Kazakhstan and Russia were established on October 22, 1992.
The trade turnover of Kazakhstan and Russia amounted to $17.6 billion in 2018. This is 7.2 percent higher than in the previous year.
According to the figures for January-November 2018, Russia ranks first in terms of imports to Kazakhstan. Russia's share among the countries supplying products to Kazakhstan is 37.3 percent.