site.btaBulgaria Is One of Key Economic Partners for Kazakhstan in SE Europe, Says Kazakhstan’s Deputy PM

Bulgaria is one of Kazakhstan’s key trade and economic partners in Southeast Europe, said Kazakhstan’s Deputy Prime Minister and Minister of National Economy Serik Zhumangarin during a Bulgaria-Kazakhstan business forum held in Sofia on Tuesday. The forum was organized by the Bulgarian Chamber of Commerce and Industry (BCCI), and was opened by Bulgaria’s Minister of Economy and Industry Petar Dilov.

“In recent years, our bilateral cooperation has shown steady growth across virtually all sectors,” Zhumangarin noted. According to him, in 2024 the volume of bilateral trade has quadrupled, exceeding USD 375 million. Bulgarian companies have invested around USD 8 million in the Kazakh economy, a 90% increase compared to 2023. “This shows the need to further intensify business ties between the two countries,” he said.

Among the key areas of cooperation, Zhumangarin highlighted the agro-industrial sector. In his words, Kazakhstan has large reserves of grain, oilseeds, meat, and dairy products, but needs businessmen to handle final processing.

Another area for cooperation is the transport sector and transits, a topic he said was discussed Tuesday with Deputy Prime Minister and Minister of Transport and Communications Grozdan Karadjov. Currently, 80% of cargo from China to Europe passes through Kazakhstan, and in 2024, five million tonnes of cargo are expected to be transported via the Trans-Caspian International Transport Route. He invited Bulgarian companies to join the international transport association established for this corridor.

Industrial cooperation is also a priority. According to Zhumangarin, Kazakhstan's manufacturing sector has grown by 31% in recent years. He noted opportunities in the mining sector as well, announcing that in June, Kazakhstan will hold electronic tenders for 50 solid mineral deposits. “We invite Bulgarian businesses to participate in geological exploration. According to our legislation, the company that discovers a deposit has exclusive rights to develop it,” he said.

Currently, three Bulgarian investors operate in Kazakhstan: two companies produce refrigeration equipment, and one has invested USD 100 million in iron production.

Kazakhstan is also investing heavily in renewable energy and the IT sector. A centre for artificial intelligence development has been established, and Kazakh authorities invited Bulgarian businesses to collaborate in this field.

“We have created one of the most favorable investment regimes in Kazakhstan. We are ready to offer a wide range of incentives, including tax and customs exemptions, and infrastructure support,” Zhumangarin said. For investment projects in priority sectors worth over USD 60 million, the country offers legal guarantees for stable development for up to 25 years.

He also highlighted that Kazakhstan is a member of the Eurasian Economic Union, giving businesses access to a common market of 160 to 180 million people with duty-free imports and favourable tax conditions.

Zhumangarin announced that Bulgarian President Rumen Radev will pay an official visit to Kazakhstan on June 9.

BCCI Deputy Chair Krasimir Dachev noted that Kazakhstan is a traditional trade partner for Bulgaria, with bilateral ties developing rapidly in recent years. Currently, 23 Kazakh companies are active in Bulgaria, with over 330 company representations from Kazakhstan present in the country.

The event was organized with the support of Bulgaria’s Ministry of Economy and Industry, the Embassy of Kazakhstan in Sofia, and the Bulgarian-Kazakh Chamber of Commerce and Industry, in connection with the fifth session of the Bulgaria-Kazakhstan Intergovernmental Commission on Economic Cooperation.