Azerbaijan, Kazakhstan to sign MoU

According to Trend , the Memorandum will be signed within the framework of the Azerbaijan-Kazakhstan business forum held in Baku.

"It will provide support in terms of investment, development of entrepreneurship and increasing of public support," he said.

Mammadov said the business forum is attended by about 80 Kazakh and Azerbaijani companies that operate in different spheres, including agriculture, food processing, energy, construction and engineering.

"The Azerbaijani companies are interested in cooperation with the Kazakh companies, in the establishment of relations with the Western Kazakhstan," he said.

The Azerbaijani companies are active in Aktau, including road construction, he said.

Deputy Chairman of the KAZNEX INVEST Board Meyrzhan Maykenov said Azerbaijan and Kazakhstan has historically had good relations.

"The Kazakh companies are willing to work with companies and governmental agencies of Azerbaijan on establishing the cooperation in various spheres," Maykenov said.

He said a Kazakh delegation of representatives of 21 companies interested in cooperation in oil and gas sector, in particular, in the field of joint ventures in oil and gas engineering, as well as in the delivery of food supplies, building materials and pharmaceuticals, arrived in Baku to attend the business forum.

AZPROMO was established in 2003 by the Azerbaijani Economic Development Ministry and its activities are aimed at supporting the development of non-oil sector. The Board of Trustees consists of 92 representatives from various ministries and departments, international organizations, as well as the private sector.
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KAZNEX INVEST was also created in 2003. It is one of Kazakhstan's national development institutions designed to promote diversification of the national economy by creating more favorable conditions for development and advancement of Kazakhstan's non-commodity exports and foreign direct investment in priority sectors of the economy.

The trade turnover between the two countries increased in 2010 by 64 percent compared to 2009. In the first half of 2011, it amounted to 142.07 million, with an increase of 2.1 percent over the same period last year