By establishing the Council, the two chambers commit to expanding cooperation between the two countries' companies, promoting trade and economic relations as well as investment possibilities, facilitating market access, and exchanging information and contacts between business communities.
Given Kazakhstan's good geostrategic position, significant natural resources, and good political and economic relations with the EU, there is an opportunity to boost the cooperation between Croatian and Kazakh companies, HGK president Luka Burilović said.
He is confident the time is right to renew the cooperation with Kazakh institutions.
The two chambers also signed an agreement of understanding with the aim of expanding and developing cooperation between their member companies.
Besides a resource base, Kazakhstan's transit potential and human resources offer excellent possibilities for expanding production capacities and delivering goods to central Asia and China, said Murat Karimsakov, CEO of the Chamber of International Commerce of Kazakhstan.
He said they also wished to consider the possibility of localising production in Kazakhstan, and that the Chamber could help Croatian enterprises find potential partners in the region, support projects, and organise B2B and B2G meetings.
The EU is Kazakhstan's main trade partner, accounting for 39% of Kazakhstan's export, and for 30% of its trade in 2022. The EU is also the biggest foreign investor in the country.
Kazakhstan is Croatia's key partner in central Asia with considerable potential in the economy, energy diversification and geostrategic and security issues, said Ivo Milatić, state secretary at the Croatian Economy Ministry.
Interest in expanding trade is mutual, he said, confident that the Business Council will encourage the advancement of the 30-year-old friendship and facilitate new forms of economic cooperation.
The co-chairs of the Business Council are representatives of Croatia's JGL pharmaceutical company and Kazakhstan's KazMunayGas.
JGL has been doing business in Kazakhstan for years with €10.5 million in annual revenue and it plans to grow further, said Mario Volarević, a director at JGL. He expects the drug market to grow 10% annually by 2025.
The forum brought together representatives of over 50 Croatian and Kazakh companies in energy, the drug industry, transport, tourism, construction, IT, electronics, energy and agriculture.
Trade between the two countries in 2023 totalled US$ 102 million, up 1% on the year, with Croatian export reaching $53 million, a jump of 136%, while import amounted to €49 million.