Kazakhstan and Azerbaijan expand Middle Corridor cooperation with $62 mln ferry investments
Kazakhstan's Samruk-Kazyna Sovereign Wealth Fund is set to sign two agreements with Azerbaijani companies, Chairman of the Board Nurlan Zhakupov said on the sidelines of the Akorda, Kazinform News Agency reports.
The first agreement will be signed with the Azerbaijan Transport and Communication (AZCON) Holding and provides for joint exploration of ferry operations built at the Baku Shipyard LLC. According to Zhakupov, the document is aimed at enhancing the capacity and strategic importance of the Trans-Caspian International Transport Route (TITR). The total value of the deal has not yet been disclosed.
“The exact type of vessels has not yet been determined — there are several options, so I wouldn’t want to get ahead of events. Both sides are focused on maximizing cargo flows through the TITR. For now, we’re talking about several vessels. Earlier this year, our joint venture Caspian Integrated Maritime Solutions (CIMS) reached an agreement under which Abu Dhabi will purchase two ferries from Baku Shipyard worth $62 million, which will be operated by our joint company CIMS,” Zhakupov explained.
The second agreement will be signed between the SK‑AIH Investment Fund and SOCAR. The companies plan to jointly explore projects in the field of renewable energy.
Recall that the President of Azerbaijan, Ilham Aliyev, arrived in Astana for a state visit on October 20.
Kassym-Jomart Tokayev welcomed his Azerbaijani counterpart in the Akorda Residence. The two presidents had narrow-format talks to discuss the prospects for enhancing the bilateral cooperation in trade-economic, investment, agricultural, as well as in transit and transport sectors.
Read more on the two countries' relations and upcoming talks in an article by a Kazinform correspondent titled Astana and Baku: Economic pragmatism and cultural kinship.
On the threshold of his state visit to Kazakhstan, President of Azerbaijan Ilham Aliyev gave an exclusive interview to Kazinform News Agency. Mr. Aliyev spoke about his view of bilateral cooperation with Kazakhstan, as well as ongoing partnerships in trade, energy, culture, and the Organization of Turkic States.
