Kazakhstan investors channeled USD16 mln in Turkmenistan
The deputies of the Kazakh Senate ratified the Agreement between the Governments of Kazakhstan and Turkmenistan on mutual promotion and protection of investments, Kazinform News Agency reports.
According to senator Amadgeldy Nugmanov, the law is aimed at creating transparent, stable and predictable conditions for investors, expanding long-term economic cooperation.
The law is the fundamental legal instrument that provides comprehensive support and protection of investment processes across all economic sectors, from state to private investments, including the whole range of entrepreneurship and business activities between the two countries. This is precisely what makes this document unique and especially important: for the first time, clear guarantees and obligations to protect the interests of the entire investment community of both countries are enshrined into the law at the interstate level, the deputy said.
Besides, the agreement plays an important role in creating mechanisms for settling investment disputes, providing access to international jurisdiction.
Senator Sergey Yershov added in 2024, the trade turnover between the two nations reached 555.7 million US dollars. Kazakhstani investors infused 16.1 million US dollars in Turkmenistan’s economy, while Turkmenistan invested 0.4 million US dollars. There are mutually beneficial projects in railway, road and water transport; besides, Turkmenistan is interested in the repair and modernization of armored vehicles, spare and component parts supplies.
As written before, the deputies were expected to debate the ratification of the Agreement between the Governments of Kazakhstan and Turkmenistan on mutual promotion and protection of investments. Signed on October 10 last year in Ashgabat, the Agreement is designed to create a favorable environment for investors, FDI flow and greater economic well-being of its parties.
