Almaty and Shanghai agree on $2.7 billion projects amid growing economic ties
Almaty and Shanghai have agreed to implement projects worth $2.7 billion. The agreement was reached during a forum attended by government and business representatives. This development comes as both cities seek to strengthen economic cooperation.
Economic Forum Outcomes
The forum, attended by Almaty Mayor Darkhan Satybaldy, highlighted the potential for enhanced cooperation between Almaty and Shanghai. Satybaldy emphasized the strategic importance of the meeting, noting that Almaty contributes 20% to Kazakhstan's GDP and attracts over 40% of foreign investments. The forum facilitated discussions on expanding industrial zones and signing new agreements in high-tech sectors.
Chinese Investment Initiatives
Beijing Fuxing Yihua Technology Co., Ltd. announced plans to establish a research institute in Almaty focused on mining technology. The institute aims to address the lack of scientific expertise in mineral processing and metallurgy in Kazakhstan. The company expressed gratitude to Almaty's administration for supporting the project, which is part of broader efforts to boost bilateral trade, currently exceeding $9.5 billion.
What's Next
The next steps include the implementation of the Almaty AI Park and a mountain tourism cluster. It remains unclear how these initiatives will impact the regional economic landscape.
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Almaty and Shanghai agree on $2.7 billion projects amid growing economic ties
