28 Nov 2023 18:12

Kazakh producers sign contracts to supply goods worth $18.2 mln to Saudi Arabia

ASTANA. Nov 28 (Interfax) - Entrepreneurs from Kazakhstan have inked contracts for the supply of food, construction, industrial and other goods to Saudi Arabia for a total value of $18.2 million, the press service of the Kazakh Ministry of Trade and Integration said.

The documents were signed during Kazakhstan's first-ever trade mission to Riyadh on November 26-28.

"Kazakhstan's trade mission was comprised of representatives from 25 companies that produce meat and meat products, honey, flour and sunflower oil, construction materials, [mining and metallurgical] products, and offer IT and other services. As a result of the negotiations in Riyadh, Kazakh businessmen signed export contracts worth $18.2 million," the press release says.

Kazakh Deputy Minister of Trade and Integration Kairat Torebayev said that in the medium term Kazakh companies are ready to supply additional 75 types of goods to Saudi Arabia for a total amount of about $500 million. Some of the Kazakh producers are mulling over the opening of their representative offices in Saudi Arabia.

Trade between Kazakhstan and Saudi Arabia reached $13.4 billion in January-September 2023, with exports of Kazakh goods increasing 66.5% year-on-year to $7.2 billion, according to the press release.

Kazakhstan exports to Saudi Arabia mainly machinery and metal products. Last year, the Kazakh producers started exporting chilled lamb to the Saudi market. Saudi Arabia's register of importers includes 34 companies from Kazakhstan - mainly producers of meat and honey - and another 23 Kazakh producers are expected to be added to the register.