OREANDA-NEWS. December 24, 2014. A meeting of the Ambassador of Kazakhstan in Latvia Baurjan Mukhamedjanov with Latvian entrepreneurs was held in the headquarters of Rietumu Bank.

The meeting was organised by the Latvia-Kazakhstan Business Club with the support of the Embassy and Rietumu Bank.

The key subjects of the meeting were opportunities for cooperation between Latvian and Kazakh businesses, the areas of such cooperation with the best prospects, and the priorities and tasks set by the Kazakh government for development of the country in the coming years.

As the Ambassador noted, due to the drop in the free market prices for oil, Kazakhstan, as a country where 70% of the budget income comes from sale of oil, is expecting quite hard times in the coming years. However, during the previous period a “safety cushion” was created in the country in the form of the National Fund, the funds of which will now be used for the development of the national economy and support of businesses.

According to Mr Mukhamedjanov, the industries with the best prospects for evolution and international cooperation are construction, infrastructure development, food industry, processing industry and “green” energy.

In spite of the fact that Kazakhstan is located between two big countries, China and Russia, its main trading partner is the European Union. The volume of trading between Kazakhstan and the EU amounts to USD 57 billion a year, which is about twice as much as the trade with the big neighbours of this Central Asian country. Moreover, according to the Ambassador, Kazakhstan is especially interested in cooperation with the Baltic countries, due to their geographical position and the availability of ports and transit infrastructure.

“I am very glad to have the opportunity to directly address representatives of real businesses of Latvia. It is especially pleasant that I have already met many of those who attended this meeting in Astana, where you were within the framework of a visit of the Latvian business delegation and the Mayor of Riga Nil Ushakov. I hope that during your trip you felt the kindness, benevolence and openness of Kazakh entrepreneurs. We in Kazakhstan gladly welcome foreign businesses. I am sure that such meetings must become regular, leading us to real results and the performance of projects,” said Mr Mukhamedjanov in welcoming the Latvian entrepreneurs.

Historically, Kazakhstan has been an important partner for Latvia in the Central Asia region. Economic relations between the countries are successful, and a growth of activity has been observed in this field in recent years, which is supported by a high level of political contacts. Last summer the President of Latvia Andris Berzins paid an official visit to Kazakhstan, earlier this year the Minister of Foreign Affairs of Kazakhstan Erlan Idrisov visited Latvia, and recently, this autumn, the Mayor of Riga Nil Ushakov visited Astana with a delegation of Latvian entrepreneurs.

The active political cooperation between the countries has created fertile soil for fruitful economic development, the results of which can also be seen in the good dynamics of the trading volume between Latvia and Kazakhstan.