Central Asia – promising for trade diversification, European ministry says

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In the current geopolitical situation amid Russia-Ukraine war, Poland and Polish entrepreneurs are interested in diversifying its trade partners, and Central Asia is is one of the important regions in this regard, the source at the Ministry of Economic Development and Technology of Poland told Trend.

“Currently, Poland’s largest economic partner in the region is Kazakhstan, which accounts for approximately 80 percent of Polish foreign trade with the Central Asian countries, while trade with Uzbekistan and Kyrgyzstan was characterized by particularly high dynamics in 2022,” the source said.

According to the ministry, Poland’s trade turnover with Central Asia is expected to amount to $3.2 billion in 10M2022. The highest dynamics in 10M2022 was characterized by trade with Kyrgyzstan (2.5-fold increase), Uzbekistan (+55 percent) and Kazakhstan (+30 percent).

“In terms of economic cooperation Central Asia for Poland is a promising region. This is evidenced by the modern Polish export offer in the investment and consumer goods on the Central Asia countries markets, as well as the import of a number of goods important for the Polish economy from these countries, including raw materials. We also see prospects for mutual investments, which as of today have not yet taken significant dimension (at the end of 2021, about $75 million of Polish FDI in Central Asia, mainly in Kazakhstan),” the ministry noted.

Source : Trend News Agency