World news story

UK companies win new business in Kazakhstan

Companies have signed deals worth more than £700 million during the historic first visit by a British Prime Minister to Kazakhstan

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Prime Minister David Cameron and President Nursultan Nazarbayev at the Business Forum in Astana

Prime Minister David Cameron became the first British premier to visit Kazakhstan when he touched down there on 30 June. A business delegation of 30 small and large companies from a diverse range of sectors including energy, high tech manufacturing, education, architecture and financial and professional services sectors have joined the Prime Minister for this historic trip.

Trade and Investment Minister Lord Green, Charles Hendry, the Prime Minister’s Trade Envoy to Azerbaijan, Kazakhstan and Turkmenistan were accompanying the Prime Minister. The Prime Minister will use the two day visit to Kazakhstan to help British businesses build new relationships in what is the leading Central Asian economy.

The UK and Kazakhstan already enjoy a strong trade and investment relationship based on free market access, significant two-way trade and regular dialogue at senior levels. The UK is one of the largest investors in Kazakhstan, having provided almost £10 billion of total foreign direct investment since the country’s independence in 1991. UK exports to Kazakhstan in 2012 were valued at £375 million, but the country remains a source of untapped potential.

Trade and Investment Minister Lord Green said:

“Kazakhstan is emerging as the dominant economy in central Asia and offers many opportunities for British businesses small and large across a wide variety of sectors. This first ever trade delegation led by a British Prime Minister demonstrates our commitment to strengthen the trade and investment links between our two countries.”

Since 2000, the economy of Kazakhstan has been one of the ten highest performing economies in the world. The World Bank predicts that it will become a high income country by the end of the decade.

The full text of this article can be found at the UKTI website

Published 4 July 2013