China Signs Deals with Kazakhstan to Boost Landmark Deals
China’s effort in exporting its industrial capacity to other countries recorded another success with the signing of several landmark deals with resource rich Kazakhstan in a deal that reached worth $23.6 billion to help restructure the Central Asian country’s economy.
Premier Li Keqiang along with visiting Prime Minister Karim Masimov of Kazakhstan has reached an agreement on wide ranging industrial cooperation after meeting in Beijing. Through several initiatives which included the construction of highways, hydro power plants, urban railways, wind power plants and other infrastructures together with deals on elevator and automobile manufacturing. The deals was signed Friday are part of the first of the expected harvest from a preliminary consensus about the export of China’s advanced industrial capacity to the oil dependent Kazakhstan.
Li said that he hoped China’s industrial cooperation with Kazakhstan will become a model for similar cooperation with other countries. Masimov was accompanied by his investment minister, energy minister and other leaders stated that the initial signing signals a success and shows a bright outlook for future cooperation.
Kazakhstan is one of China’s second largest trade partners in the Commonwealth of Independent States and China’s first investment destination in Eurasia. China is also the second largest trade partner and largest export market of Kazakhstan, but lately Kazakhstan is struggling to deal with falling oil prices along with a weakened rouble that led to an increase of Russian imports in the domestic markets.