During the Armenian-Kazakh business forum in Yerevan on April 9, Minister of Economy of Armenia Gevorg Papoyan announced that the volume of mutual trade between Armenia and Kazakhstan in 2023 surpassed $100 million. 

"The trade turnover between Armenia and Kazakhstan in 2023 amounted to $100.4 million, increasing 2.4 times compared to 2022. I am confident that the activation of bilateral cooperation will significantly increase this indicator," Papoyan stated. He highlighted Armenia's substantial economic growth in recent years, emphasizing the nation's 13.6% economic activity in January-February 2024. He stressed the crucial role of enhancing the business and investment environment in driving Armenian economic development. The Armenian government, he affirmed, is dedicated to fostering equal competitive conditions and robust infrastructure to support business growth. The minister expressed optimism that the outcomes of the Armenian-Kazakh forum would invigorate bilateral cooperation.

In response, Kazakhstan's Minister of Trade and Integration, Arman Shakkaliyev, remarked on the promising indicators between the two countries, particularly in accumulator trade and the significant interest in food, agricultural products, wheat, and oil supply. 

Shakkaliyev noted Kazakhstan's impressive growth rate in automobile production and highlighted the potential for collaboration with Kazakh manufacturers to renew Armenia's car fleet. He estimated that Kazakhstan's potential exports to Armenia could exceed $350 million, encompassing over 125 processed goods.

Regarding investment, Shakkaliyev disclosed that direct investments from Armenia to Kazakhstan total $18.6 million, while Kazakhstani investments in the Armenian economy amount to approximately $56 million. He emphasized the need to surpass these figures, setting ambitious goals for further growth.

Shakkaliyev also highlighted the substantial presence of Armenian capital in Kazakhstan, with over 380 Armenian companies operating in the country and 72 joint Armenian-Kazakhstani ventures across various sectors. He suggested opportunities for Armenian businesses to engage in processing agricultural products, particularly in western Kazakhstan, leveraging enhanced transportation and logistics infrastructure in Aktau to facilitate multimodal deliveries.