Further strengthening of economic and investment cooperation between Kazakhstan and EU discussed in Brussels

In particular, the Ambassador welcomed creation of new institutions of the European Union for countering systemic risks, noting necessity in use of the effective European experience in this direction.

Y.Utembayev informed the European Commissioner of that following the meeting of Kazakh President Nursultan Nazarbayev and President of the European Investment Bank (EIB) Philippe Maystadt on April 10, 2010 there was signed the Framework Agreement between Kazakhstan and the EIB on regulation of the bank's activity in Kazakhstan, and it was decided to start elaboration of the Road Map program between the Kazakh Government and the Bank, which will reflect specific prospective projects for middle and long term perspective.

The European Commissioner highly appraised the beginning of the EIB operations in Kazakhstan and welcomed constructive interaction between the sides. According to Olli Rehn, this financial institution is a key element of investment-economic development of the EU. He expressed confidence that the Agreement will strengthen bilateral interaction on key cooperation spheres.

The sides noted an important role of the Foreign Investors' Council under the Kazakh President, which ensures a direct dialog between the Kazakh Government and investors for solution of problematic issues connected with their investment activity and improvement of the investment climate in the country.

The European Commissioner noted that the EU and Kazakhstan has great potential for strengthening a mutually beneficial dialog. He emphasized that Kazakhstan is a major part of the EU trade-economic relations.