Kazakhstan, Romania Witness a Trade Turnover of $2.9 Billion
Bucharest, The Gulf Observer: The 17th meeting of the Intergovernmental Commission for Trade-Economic and Scientific-Technical Cooperation between Kazakhstan and Romania took place in Bucharest, marking a significant step towards enhancing bilateral relations, as reported by Kazakhstan media.
Co-chaired by Almasadam Satkaliyev, Minister of Energy of Kazakhstan, and Sebastian Burduja, Minister of Energy of Romania, the event brought together diplomats and representatives from agriculture, transport, and labor authorities.
Discussions at the meeting focused on various aspects of economic cooperation and identified key areas for collaboration.
One noteworthy outcome was the agreement to establish a joint working group dedicated to boosting cooperation and supporting mutual investments in the energy sector. Romanian companies expressed keen interest in collaborating with Kazakhstan, particularly in supplying equipment for the oil and gas sector.
Both sides pledged to continue negotiations on cooperation in the chemical and metallurgical sectors. Additionally, efforts will be made to encourage companies from both countries to participate in auction bidding for renewable energy projects in Romania and Kazakhstan.
Transport industry collaboration also took center stage, with an agreement to develop the potential of the Trans-Caspian International Transport Route. A working group on transport cooperation is set to be established by the end of Q1 2024.
The meeting extended its discussions to other sectors, including agriculture, culture, tourism, labor, and social protection, outlining potential areas for future collaboration.
As part of the visit to Romania, Minister Almasadam Satkaliyev visited the Rompetrol Valcele fueling station and Petromidia oil refinery. The Minister also held meetings with top executives of Nuclearelectrica and RomGas.
Nuclearelectrica expressed a willingness to share its experience in the social aspects of nuclear energy, supporting the population, and nuclear energy development.
In 2023, the commodity turnover between Kazakhstan and Romania reached $2.9 billion, indicating an 8.5% increase compared to the same period in 2022 ($2.7 billion). Kazakhstan’s exports to Romania in 2023 increased by 10.1%, reaching $2.8 billion, while imports decreased by 21.1%, amounting to $112.2 million.
The economic collaboration between the two countries is further exemplified by 28 Kazakh-Romanian joint enterprises, predominantly operating in the oil and gas sector. These efforts contribute to the continued strengthening of economic ties and mutual prosperity between Kazakhstan and Romania.
