Azerbaijani investments in Kazakh economy reach $211.4mln
Azerbaijan has so far funneled 211.4 million US dollars worth of investments in the Kazakh economy, and Kazakhstan 114 million US dollars of investments in the Azerbaijani economy, Kazinform News Agency correspondent reports.
Azerbaijani energy minister Parviz Shahbazov and Kazakh transport minister Marat Karabayev discussed the issues of increasing the transit of Kazakhstani oil via different routes through Azerbaijan and the creation of a corridor to export green energy From Central Asia to Europe as part of the 20th meeting of the Joint Intergovernmental Commission on trade and economic cooperation between Kazakhstan and Azerbaijan in Astana.
Last year, the volume of freight traffic between Kazakhstan and Azerbaijan rose 1.5 times to 4.3 million tons, with the cargo traffic via the Middle Corridor increasing by 65% to 2.8 million tons. The trade turnover between the two countries stood at 314 million US dollars in 2023. As of today, Azerbaijani investments in Kazakhstan reached 211.4 million US dollars, and Kazakhstani investments in the Azeri economy 114 million US dollars, said Karabayev.
The meeting discussed the creation of the Azerbaijan-Kazakhstan Investment Fund, joint productions within industrial parks, construction of a grain terminal in the Alyat port, shipbuilding cooperation, as well as the possibility of Kazakhstani companies’ participation in projects carried out in the liberated territories.
The sides also discussed the expansion of cooperation in the oil and gas sector, increase in the volume of transit of Kazakhstani oil via different routes as well as cargo traffic along the Middle Corridor.
The next 21st meeting of the Joint Intergovernmental Commission on trade and economic cooperation between Kazakhstan and Azerbaijan is set to take place Baku.