The
volume of mutual foreign direct investment (FDI) during the Eurasian Economic
Union’s (EAEU) operation has exceeded $20 billion. Investment in Kazakhstan has
increased almost sevenfold—from $600 million in 2015 to $4 billion in 2024.
President Kassym-Jomart Tokayev spoke about this at a meeting of the Supreme
Eurasian Economic Council (SEEC) in Saint Petersburg. As customary, the meeting
was held in a narrow format first. The Presidents of Kazakhstan, Russia,
Belarus, and the Kyrgyz Republic, along with the Prime Minister of Armenia and
Chairman of the Board of the Eurasian Economic Commission (EEC), discussed the
Union’s priorities and areas of work for the coming year. At the expanded-format session, the Head of State noted
that these pre-New Year meetings in Saint Petersburg have become a good
tradition, as they provide an opportunity to review the year’s results and outline
plans for the future.
«The outgoing year marked
an anniversary for the EAEU. We have confidently entered the second decade of
development of our integration association. Despite global shocks in recent years, we
have managed to preserve positive economic dynamics. It is expected that the
combined GDP of EAEU member states will grow by 2% in 2025. According to
forecasts, GDP growth is set to become sustainable over the next two years,» Tokayev said.
The President outlined priority areas for
the Union’s further development. In particular, he proposed launching work on
the introduction of artificial intelligence technologies to forecast trade
flows and assess the impact of customs duties. This is especially relevant
given that the EAEU is capable of aspiring to become a
global transport and logistics hub, Tokayev
said.
It is also important
to develop new industrial facilities focused on producing goods in demand on global markets.
«According to estimates by analysts at the Eurasian Development Bank, additional opportunities for the production and export of industrial goods across EAEU countries are valued at $67 billion. If this potential is fully realized, the overall growth effect could reach up to $500 billion. To achieve this goal, it is essential to strengthen industrial cooperation. This requires investment in breakthrough and innovative projects,» the President noted.
Saying «no» to administrative barriers in
trade and «yes» to expanding the geography of economic cooperation was a point highlighted by Tokayev. Free trade agreements
have already been signed with Mongolia, a partnership agreement with the United
Arab Emirates, and, during the
meeting, with Indonesia. Going forward, the Union
should expand cooperation with countries of the Global South, the Arab world,
Southeast Asia, and Africa. Kazakhstan will assume the chairmanship of the EAEU
in the coming year. The next meeting of the Supreme Eurasian Economic Council
is scheduled to take place on May 28-29 in Astana.
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