The Kazakh-Turkish business forum taking place in Istanbul has seen the signing of a memorandum of cooperation between Kazakhstan Temir Zholy Express JSC (a subsidiary of Kazakhstan Temir Zholy) and Turkish logistics operator Pasifik Eurasia Lojistik Dış Ticaret A.Ş. The new agreement is aimed to develop transportation through the South Corridor via Kazakhstan.
The forum has taken place as part of the visit of the Kazakh Prime Minister, Askar Mamin, to Turkey to participate in the 10th meeting of the Kazakh-Turkish Intergovernmental Commission on Trade and Economic Cooperation held last week, the Kazakh railway company’s press service informs.
The document on cooperation in railway transport provides for the competitiveness of the South Corridor by reducing transaction costs and improving the quality of the container service provided through mutual use of assets.
The cooperation between Kazakhstan and Turkey in the transport and logistics industry is developing rapidly. So, the container traffic volume has reached 5.4 thousand TEUs (twenty-foot equivalent unit) within 9 months of 2019, increasing by 2.2 thousand TEUs or 69%, compared to the same period in 2018.
At the same time, work is underway to introduce new logistics services. In particular, in October 2019, Kazakhstan Temir Zholy in partnership with the railway administrations of China, Azerbaijan, Georgia and Turkey launched the alternative container service en route Xi’an-Istanbul-Prague, through the Trans-Caspian transport corridor and under the Bosphorus Strait through the Marmaray Tunnel.
According to Turkish media, during the Kazakh-Turkish business forum, 19 agreements for a total amount of US $1.4 billion were signed.
in 2018, the trade volume between Turkey and Kazakhstan has increased by 18.7%, reaching $ 2.9 billion. At the same time, Turkish exports to Kazakhstan has increased by 13.4% ($606 million), while import from Kazakhstan to Turkey – by 47% ($2.3 billion).