Tashkent, Uzbekistan (UzDaily.com) – On 2 September, the Ministry of Foreign Affairs of Kazakhstan announced the establishment of the Kazakh-American Business Council. The main mission of the business council is to further deepen economic ties between the two countries.

The formerly functioning American-Kazakhstan Business Association is included in the Council. The American company Chevron, which is the largest investor in the economy of Kazakhstan (total amount - US$125 billion), will act as the chairman of the council. The secretariat for the council will be located in the US Chamber of Commerce under the overall direction of Senior Vice President Hush Choxy.

As the President of Chevron in the Eurasian-Pacific region N. Hearn stated, "the entry of the Kazakh-American Business Council into the US Chamber of Commerce will provide the business community with the necessary tools for the development of strategic relations." In turn, the Ambassador of Kazakhstan to the United States E. Kazykhanov called the creation of the American-Kazakhstan Business Council a historic event, which will give a powerful impetus to the development of trade relations between Kazakhstan and the United States.

According to experts, the creation of a business council is primarily aimed at increasing bilateral trade, which amounted to about US$2 billion in 2019, as well as expanding the range of trade. As noted, most of the imports from the United States are machinery, equipment and vehicles. The export of Kazakhstani goods to the United States is traditionally represented by mineral products. In this regard, the activities of the Business Council will focus on the use of untapped potential in agriculture, energy, industry and ICT.

In general, the creation of a business council is in the interests of both the United States and Kazakhstan. The United States demonstrates its long-term interests in Kazakhstan by raising the status of the format of bilateral economic cooperation. In turn, amid a pandemic and lower energy prices, Kazakhstan, through the business council platform, is trying to increase the flow of American investments in industries that produce goods with high added value.