Closer links between Kazakhstan and the UK are essential as we face a coming storm

Nursultan Nazarbayev, President of Kazakhstan

The global economy faces a severe chill. Demand is shrinking, prices are falling, currencies are struggling and credit is scarce. The scale of the economic turbulence ahead, for many countries, dwarfs the impact of the crisis of 2008-09. Yet the dangers this poses for the global economy and the prosperity and stability of all countries have not been thought through. We must act now, before the chill turns into a long, fierce winter.

In a truly globalised economy, no country can hope to weather these difficulties alone. Raw economic self-interest demands that we reach out to our partners around the world. Creating new business links, expanding markets, boosting trade and investment are all essential. Now is the time for all nations to look outward with courage rather than retreating inwards.

In today’s world, in which our fortunes and futures are closely interlinked, it also means rejecting old stereotypes or false choices between east or west. We simply can’t make the mistake of doing business with just some countries and ignoring the rest.

From our first days as an independent country nearly a quarter of a century ago, this understanding has driven Kazakhstan’s approach to our economic and foreign policies. Rich in energy and natural wealth and strategically positioned between Europe and the fast-growing economies of Asia, we have worked hard to provide a bridge between east and west.

The result is that, while we have very good relations with our neighbours Russia and China, Europe is our biggest trading partner and we count the US as a strong friend. We remain determined to put trade and multilateral cooperation, not geopolitics, at the centre of international relations.

The role of Kazakhstan in linking major parts of the world is highlighted by my visit to the UK this week. It is a recognition of our enduring friendship with the UK that I will have the honour to meet Her Majesty the Queen and discuss with Prime Minister David Cameron how we can deepen the relationship between our two countries.

We have never forgotten that Britain was among the first countries to recognise our independence. We value as well the major role that British companies, big and small, have played in helping modernise our economy and drive our prosperity.

British investment since independence already totals over $27bn. There are more than 500 joint ventures between our companies. Many of the UK firms working in Kazakhstan will get the chance to meet their Kazakh counterparts in the business delegation that accompanies me.

To date, these relationships have largely been focused on our energy sector. It has been the springboard for the fast-rising living standards of our citizens and a GDP that has risen sixteenfold since 1991.

We are determined, at this time of global turbulence, to protect and continue this progress for our people. It is why we have invested heavily in diversifying our economy and why earlier this year we accelerated these changes with new investment in industrial capacity, transport and communication infrastructure.

The opportunities for UK business through this modernisation programme are very clear. And it is why I am pleased during my visit that we will be signing more than 20 new agreements, valued at more than £4bn, which will cover areas as varied as hydrocarbons and renewable energy, mining and pharmaceutics, and financial, professional and legal services.

I am delighted as well that the Prime Minister will also confirm a substantial British presence at the future energy EXPO being held in Astana in 2017. The UK’s expertise and record of innovation is vital if the world is successfully to overcome its energy challenges.

It is not just over trade and investment that Kazakhstan and the UK have such strong links. Our country is proud to be seen as a force for moderation, tolerance and stability in the region. We remain a key ally for the UK and other coalition forces in Afghanistan. We stand resolutely together in facing down extremism.

It is always tempting, of course, in such challenging economic and political times, to believe the best way to ride out the storms is to bunker down. But it is not an approach that either Kazakhstan – or the UK – believes will succeed. With our partners, we will continue to face relentlessly outward and encourage modernisation, investment, trade and co-operation. This is the key to future prosperity.

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