Kazakhstan ratifies agreement with Estonia on promotion and protection of investments
Astana, Kazakhstan, June 11
By Daniyar Mukhtarov - Trend:
The Majilis (lower chamber) of Kazakh parliament ratified the agreement with Estonia on the promotion and mutual protection of investments.
As the Kazakh Minister Of Economy And Budget Planning Erbolat Dossaev said at the plenary session of the Majilis, the agreement between the governments of the two countries aimed at creating favorable legal environment for the promotion and reciprocal protection of investments, improving the investment climate and further development of mutually beneficial trade and economic cooperation.
"The agreement provides rules relating to expropriation, nationalization, compensation to investor, dispute resolution, as well as provisions which regulate in detail the procedure for the formation of international tribunal, organized with the purpose of resolving disputes between the parties," he said.
The Estonian investment in Kazakhstan's economy amounted to $48.3 million in the period of 2005 - 2013, he said.
In 2013, the trade turnover between Kazakhstan and Estonia totaled $34.4 million compared to $34.2 million in 2012.
Kazakhstan's exports to Estonia amounted to $4.7 million in 2013. The main products exported by Kazakhstan to Estonia are oil and oil products obtained from bituminous minerals, - 62.6 percent ( in the amount of $ 2.9 million), waste and scrap of ferrous metals - 13.4 percent ($633,800), fish fillet - 6.3 percent ($299,700).
The imports from Estonia to Kazakhstan amounted to $29.7 million in 2013. The main products imported from Estonia to Kazakhstan are: panels, consoles, desks, cabinets and bases for electrical equipment - 30.5 percent (in the amount of $9 million); glazing putty, resin cements, caulking compounds and other mastics - 6.9 percent ($2 million); other products made from iron - 6.1 percent ($1.8 million); electrical apparatus for switching or protecting electrical circuits - 6.1 percent ($1.8 million); drugs - 4.9 percent ($1.4 million).
Edited by CN