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Despite the slowdown in economic growth in the UK in recent years, there has been a steady development of bilateral economic relations.
Trade between the two countries between January and September 2018 was valued at $964.2 million, a 0.2 per cent increase compared to the same period in 2017. Exports totaled $0.7 billion, and the value of imports was $0.4 billion.
Thus, the United Kingdom continues to be in the top ten largest trade partners of Kazakhstan in terms of trade turnover. It is also one of the six largest investors in Kazakhstan. Over the past 13 years, UK investment in Kazakhstan totaled more than $13 billion.
Primary export materials include non-ferrous metals; ferroalloys; chemical products; coal; crude oil and oil products; and cereals. Import materials include cranes; engines; industrial equipment; electrical equipment; optical and medical devices; medicines; aircraft and repair parts; steel structures; chemical products; and antiques.
More than 800 British legal entities are registered in Kazakhstan. Royal Dutch Shell and Ernst&Young are included in the Council of Foreign Investors under the President of Kazakhstan.
On 8 October 2018, the fifth meeting of the Kazakh-British Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation was held in Astana. The next meeting of the IPC is scheduled for 2019 in London.
To promote cooperation in the digitisation sphere, on 24-27 April 2018, the Deputy Prime Minister of Kazakhstan Mr Askar Zhumagaliyev paid a working visit to the UK.
Regarding investment promotion, on 29 April – 2 May 2018, a Kazakhstan delegation led by Kazakh Invest CEO Mr Saparbek Tuyakbayev visited the Kazakh Invest 2018 business conference and held talks with the UK's officials and business executives.
Taking into account the increase in business activity and the interest shown by British companies towards various sectors of the Kazakh economy, on 2 October 2018, the Embassy of Kazakhstan in the UK, together with Kazakh Invest and Samruk-Kazyna Sovereign Wealth Fund, held the Kazakhstan Global Investment Forum 2018 in London. The Kazakhstan delegation was headed by the Deputy Prime Minister of Kazakhstan Mr Askar Zhumagaliyev.