China and Kazakhstan Sign $13 Billion Worth of Deals

The meeting between Chinese President Xi Jinping and Kazakh President Kassym-Jomart Tokayev marked a new stage in the economic relations between the two countries. The two countries signed over 70 trade agreements covering areas such as energy, transportation, artificial intelligence, and industry. The value of the agreement package exceeded $13 billion. The annual trade volume between the two countries reached $49 billion. China's total investment in Kazakhstan exceeded $30 billion. There are over 8,500 China-backed companies operating in the country. The signed agreements included the first battery production facility in Central Asia. The facility will be established with Chinese battery manufacturer CATL. Agreements were also made for the construction of a petrochemical complex, a corn processing plant, a cotton and textile production center, and Kazakhstan's first pumped storage hydroelectric power plant.