BAKU, Azerbaijan, March 11. As of 2024, the volume of bilateral trade between Azerbaijan and Kazakhstan has reached $500 million, said Azerbaijan’s Minister of Foreign Affairs Jeyhun Bayramov during a joint press conference with his Kazakh counterpart Murat Nurtleu in Astana, Trend reports.
"The establishment of the Kazakhstan-Azerbaijan fund, with an initial capital of $300 million, will play a key role in supporting joint institutional projects between our countries. Along with these developments, and considering the high level of our intergovernmental relations and active political dialogue, we must increase our efforts to fully tap into the potential of our economic cooperation," he said.
Bayramov also noted that there is significant potential for collaboration between industrial and technological parks, including Azerbaijan’s Alyat Free Economic Zone and Kazakhstan’s corresponding free economic zones.
"On the transportation and communications front, expanding cooperation within the framework of the international Trans-Caspian transport route, which is a vital part of the Middle Corridor, as well as the planned construction of a fiber-optic cable highway along the Caspian Sea bed between Baku and Aktau, which forms a key element of the Digital Silk Road project, will help make the partnership between Azerbaijan and Kazakhstan even more dynamic," added the Azerbaijani FM.