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Azerbaijan, Kazakhstan to sign Memorandum of Understanding

Business Materials 24 October 2011 11:14
The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and JSC "National Agency for Export and Investment KAZNEX INVEST will today sign a Memorandum of Understanding on mutual cooperation issues, AZPROMO President Adil Mammadov told journalists on Monday.
Azerbaijan, Kazakhstan to sign Memorandum of Understanding

Azerbaijan, Baku, Oct. 24 / Trend , N.Ismayilova /

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and JSC "National Agency for Export and Investment KAZNEX INVEST will today sign a Memorandum of Understanding on mutual cooperation issues, AZPROMO President Adil Mammadov told journalists on Monday.

The Memorandum will be signed within the framework of the Azerbaijan-Kazakhstan business forum held in Baku.

President Mammadov said: "It will provide support in terms of investment, development of entrepreneurship and of increasing of public support."

Mammadov said the business forum will be attended by about 80 Kazakh and Azerbaijani companies which operate in different sectors such as agriculture, food processing, energy, construction and engineering.

He went on: "The Azerbaijani companies are interested in cooperation with the Kazakh companies and in particular, the establishment of linking with Western Kazakhstan. Recently, Azerbaijani companies became active in Aktau, including road construction."

Deputy chairman of the KAZNEX INVEST board Meyrzhan Maykenov said Azerbaijan and Kazakhstan had enjoyed historically good relations.

He said: "The Kazakh companies are willing to work with companies and Azerbaijan government departments on establishing cooperation in various mutual areas."

A Kazakh delegation of 21 companies is interested in cooperation with the oil and gas sector and in particular the field of joint enterprise in the engineering sector, as well as the delivery of food supplies, building materials and pharmaceuticals,

AZPROMO was established in 2003 by the Azerbaijani Economic Development Ministry and its activities are aimed at supporting the development of non-oil sector. The Board of Trustees consists of 92 representatives from various ministries and departments, international organizations, as well as the private sector.

KAZNEX INVEST was also created in 2003. It is one of Kazakhstan's national development institutions designed to promote diversification of the national economy by creating more favorable conditions for development and advancement of Kazakhstan's non-commodity exports and foreign direct investment in priority sectors of the economy.

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