Azerbaijani business invested more than $ 130 million in Kazakh's economy

Photo: Azerbaijani business invested more than $ 130 million in Kazakh's economy / Economy news

Baku, Azerbaijan, Feb.28

By Emin Aliyev - Trend:

Since 2005, the volume of Azerbaijani investments made in the Kazakh economy exceeded $ 130 million, the head of the Azerbaijani Fund Export and Investment Promotion (AZPROMO) Rufat Mammadov said on the eve of the bilateral business forum held in Baku on Feb. 28.

"Investment activity between the two countries is growing. Only last year the volume of Azerbaijani investments in Kazakhstan amounted to about $ 40 million," Mammadov said.
The entrepreneurs of both countries are actively working on the expansion of activity in Azerbaijan and Kazakhstan, Mammadov said.

"More than 700 entities with Azerbaijani capital operate in Kazakhstan. At the same time, 52 Kazakh companies operate in our country," he said.

Mammadov also noted the currently implemented project on the construction of a major logistics center in Aktau. "Potential of cooperation between our countries can achieve more."

The event organized by AZPROMO, with the support of the Azerbaijani Ministry of Economy and Industry is being held during the two-day visit of the delegation headed by Kazakhstan's Mangistau Region Governor (akim) Alik Aydarbayev to Azerbaijan. More than 70 companies from two states are participating at the one day forum.

The previous business forum was held in Baku in August last year. A memorandum of understanding was signed among Azersun Holding, Azerbaijan Export and Investment Promotion Fund (AZPROMO) and JSC Special Economic Zone "Seaport Aktau". Azersun Holding will build a large logistics center in the Mangistau region of Kazakhstan.

The trade turnover between the two countries amounted to $ 370.99 million in 2013, according to the Azerbaijani State Customs Committee (SCC). Some $64.23 million accounted for export of Azerbaijani products to Kazakhstan, and $ 306.76 million for import. The trade turnover between the two states decreased by 5.7 for the year compared to $ 393.43 million in 2012.

The main products of Kazakhstan's exports to Azerbaijan are mineral resources (oil and gas), chemical raw materials, grain, barley, tobacco products, rolled carbon steel, electrical equipment. Kazakhstan imports oil from bituminous materials, polymers of ethylene, components for automobile and machinery, prefabricated buildings.

Translated by S.I.
Edited by C.N.

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