Azerbaijan invests over $70 million in West regions of Kazakhstan
Baku, Azerbaijan, August 27
By Nargiz Sadikhova – Trend:
Azerbaijan has invested over $70 million into the West regions of Kazakhstan over the last three years, Trend reports with reference to the Ministry of Foreign Affairs of Kazakhstan.
The ministry made the remarks on the occasion of 27th anniversary of diplomatic relations between Kazakhstan and Azerbaijan.
“The value of trade turnover between the countries amounted to $258.3 million in 2018. Azerbaijan has invested over $70 million into the West regions of Kazakhstan over the last three years. The countries are constantly developing and improving the links in transport and logistics sphere, which is the main driver of bilateral trade and economic relations,” the ministry said.
The ministry further stated, that currently, 524 legal entities with participation of Azerbaijan’s capital are registered in Kazakhstan, including 221 joint ventures.
“The development of bilateral economic cooperation is supported by Kazakh-Azerbaijan Interparliamentary Commission on Economic Development,” the report said.
As stated by the ministry, both parties are actively cooperating within the framework of international and regional organizations.
"Parliaments of Kazakhstan and Azerbaijan have developed close partnership. Active work for strengthening and further developing cultural and humanitarian development is underway. The countries exchange expertise and participate in various events on the territory of both countries. Relations Kazakhstan and Azerbaijan are characterized by closeness of the positions on relevant issues of regional and international nature. Kazakh-Azerbaijan relations are developing in accordance with the Treaty on Strategic Partnership and Allied Relations, signed following the official visit of President of Kazakhstan Nazarbayev to Baku in May 2005," the report said.
The embassy of Kazakhstan to Baku was opened in December 1994, and the embassy of Azerbaijan to Kazakhstan was opened in March 2004. Consulate General of Azerbaijan in Kazakhstan’s Aktau has been operating since September 2008.
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