Azerbaijan, Kazakhstan Ink Several Accords On Economic Coope...| MENAFN.COM

Thursday, 07 July 2022 05:23 GMT

Azerbaijan, Kazakhstan Ink Several Accords On Economic Cooperation


(MENAFN- AzerNews)

By Ayya Lmahamad

Azerbaijan and Kazakhstan have signed several deals on economic cooperation during the trade and economic business mission of Kazakh manufacturers to Baku, Azernews reports.

A memorandum of cooperation was signed between QazTrade and Ganja Entrepreneurs PA. At the same time, contracts were signed for the supply of rolled metal products, sunflower oil, salt, rice and paint products.

Moreover, an agreement was signed between the Kazakh Institute of Standardization and Metrology and the Azerbaijani State Committee on Standardization, Metrology and Patents.

Trade turnover

QazTrade's Director-General Azamat Askaruly stated that the trade turnover between the two countries tripled in the first quarter of 2022.

In this regard, he mentioned that the trade turnover reached $100 million in January-March 2022.

'I am sure the trade turnover will reach $500 million this year and we will be able to reach $1 billion in perspective,' he said.

To recall, the trade turnover between Azerbaijan and Kazakhstan amounted to $135.7 million in 2021.

Investments

Agency for Small and Medium Business Development Chairman Orkhan Mammadov mentioned that Azerbaijan's investments in the Kazakh non-oil sector from 1995 to 2021 amounted to more than $200 million, while Kazakhstan's investments in the Azerbaijani non-oil sector totaled about $100 million.

Noting that over 15,000 companies with foreign capital are registered in Azerbaijan, he emphasized that 159 of them are companies with the Kazakh capital, operating in the sphere of industry, construction, trade, agriculture, transport, and services. He added that Azerbaijani companies are also represented in the Kazakh market.

The chairman added that the agency attaches great importance to expanding ties with specialized organizations in Kazakhstan at the level of government agencies, as well as directly with the business community.

'We closely cooperate with the Damu Entrepreneurship Development Fund, and our delegations also participate in the national exhibition 'Ulttyq Onim' held annually in Nur-Sultan city,' he said.

Additionally, he expressed an interest in attracting Kazakh business to Azerbaijan and readiness to provide the necessary assistance.

Trans-Caspian International Transport Route

Speaking at the event, Kazakh Ambassador Serzhan Abdykarimov underlined the necessity to work on the development of the Trans-Caspian International Transport Route. He noted that the volume of cargo transportation via this route is expected to grow six-fold by the end of 2022.

Noting that in the post-pandemic period, the trade turnover between the two countries has increased and direct flights were launched, the ambassador emphasized that conducting a trade and economic mission will contribute to an even greater growth of trade and economic cooperation.

Abdykarimov recalled that recently a memorandum on the creation of the Azerbaijan-Kazakhstan Expert Council was signed.

'I invite all entrepreneurs to take part in its work. This is a good platform for the development of not only political but also economic relations,' he opined.

Additionally, he said that this year marks the 30th anniversary of the establishment of diplomatic relations between the two countries.

'The visit of the president of Kazakhstan to Azerbaijan is expected this year. During the visit a number of documents are expected to be signed,' he said.

The Trans-Caspian International Transport Corridor was established in February 2014 with the participation of relevant Azerbaijani, Kazakh, and Georgian cargo transportation agencies. Ukraine, Romania, and Poland have recently been mentioned. Currently, the route begins in the Chinese port of Lianyungang and passes through Kazakhstan, the Caspian Sea, Azerbaijan, Georgia, and Turkey, reaching further Europe either via the Georgian Black Sea ports or Turkey through the Baku–Tbilisi–Kars railway.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz







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