German companies intend to relocate from Russia to Kazakhstan – Michael Harms

NUR-SULTAN. KAZINFORM – Many German companies intend to relocate from Russia to Kazakhstan amid the geopolitical situation, Executive Director of the German Committee on Eastern European Economic Relations Michael Harms said Thursday, Kazinform correspondent reports.

While addressing the Kazakhstan-Germany Business Forum in Nur-Sultan, Michael Harms noted the unfavorable developments in geopolitical terms are causing disruptions in supply chains, rising commodity prices and many other things.

Given those developments, Harms said ‘We hear that German companies are planning to relocate from Russia to Kazakhstan’.

He added that many of them intend to take advantage of opportunities in Kazakhstan by finding a partner in the local market. «… Attention to the Kazakh market is increasing,» Michael Harms stressed.

He went on to reveal Kazakhstan and Germany touched upon the issues of cooperation in raw materials sector, agriculture, logistics, as well as green economy.

Recall that the Kazakh capital Nur-Sultan hosted the Kazakhstan-Germany Business Forum where it was revealed that Germany had invested some $5,5 billion into Kazakhstan’s economy since 2005.