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Trade turnover between Kazakhstan and Singapore grew in 5,5 times

On October 24, 2018, representatives of the Ministry for Investment and Development held a meeting with the Ambassador Non-Resident of the Republic of Singapore in the Republic of Kazakhstan Z.Bin Baharudin.

During the meeting, the parties discussed some issues of bilateral cooperation, such as trade, investment, civil aircraft and others.

First of all, the parties noted the positive dynamics of trade and economic cooperation. So, trade turnover between Kazakhstan and Singapore for eight months 2018 amounted to USD 312,8 million, that 5,5 times above the same period of the last year (USD 56,2 million). It is remarkable that its basic share - USD 286,6 million (a 8,9-time increase)-accounted for Kazakhstan export.

For reference: According to results of 2017 mutual trade of Kazakhstan with Singapore increased by 35,3 % and made up USD123,7 million.

Kazakhstan Export to Singapore in comparison with 2016 increased by 59,6 % and made up USD 86,5 million.

Kazakhstan Import to Singapore in comparison since 2016 didn’t change and made up USD 37,2 million.

Also the parties noted the positive dynamics of investment cooperation. For today, there are 100 legal entities, branches and representative offices with the Singapore participation in Kazakhstan.

In order to strengthen the bilateral trading-investment cooperation, they discussed details of carrying out of Kazakhstan-Singapore Business-Forum in Singapore by the end of this year.

At the same time, the parties discussed the current cooperation in the area of civil aircraft. So, aviation authorities of two countries will continue their cooperation in order to open the direct aviation message between the countries, as well as to discuss some other issues.