Kazakhstan Chamber of Commerce in the USA


President Nazarbayev Meets Chinese President Xi Jinping 0

Posted on May 20, 2014 by KazCham


On May 19, 2014 Kazakhstan’s President Nursultan Nazarbayev met Chinese President Xi Jinping in Shanghai. They discussed prospects for cooperation in the trade and economic, financial and investments, transit and transport, and agriculture spheres. President Nazarbayev reminded that the plan is to bring the bilateral trade turnover figure to $40 billion a year by 2016.

“Back in September 2013 while in Astana, you voiced the initiative to put in place the Silk Road economic belt. Kazakhstan is ready to contribute to the large-scaled project (…) expected to play a major role in developing the entire region”, President Nazarbayev said.

The two sides have signed a total of 5 documents. Notably, the two foreign ministries have signed a joint declaration. Samruk-Kazyna Sovereign Wealth Fund and China International Trust and Investment Corporation (CITIC) have signed a MoU to develop relations in the oil and gas sector and the mining industry.

Besides, the Development Bank of Kazakhstan and China’s Exim Bank have signed a memorandum to provide $1 billion to modernize Shymkent-based oil refinery. The investments are expected to help enable the refinery to start producing environment-friendly fuel and reach the projected capacity of 6 million tons of fuel a year.

Development Bank of Kazakhstan and China Development Bank (CDB) have signed a master agreement on a credit line of $500 million. The funds are to be used to finance joint projects outside the extraction sector. KazMunaiGas National O&G Company and China’s CNPC have signed a framework agreement to construct a plant in Almaty oblast to produce O&G pipes. The project to be implemented in 2014-2016 is expected to bring $150 million in investments

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