Astana, Kazakhstan, June 26
By Daniyar Mukhtarov - Trend:
The Senate (upper house of parliament) of Kazakhstan ratified the agreement with Estonia on encouragement and mutual protection of investments, according to the press service of the Kazakh Ministry of Economy and Budget Planning.
"The agreement is aimed at creating a favorable legal framework for promotion and mutual protection of investments, improving the investment climate and further development of mutually beneficial economic and trade cooperation between the two countries," Minister of Economy and Budget Planning of Kazakhstan Erbolat Dossayev said at the plenary session of the Senate.
The agreement provides rules concerning expropriation, nationalization, investor compensation and dispute resolution, as well as provisions which regulate in detail the procedure for the formation of an international tribunal, organized for the purpose of resolving disputes between the Parties.
In general, gross inflows of Estonian investments to Kazakhstan amounted to $48.3 million over 2005-2013 years. At the same time, the gross outflow of direct investment in Estonia from Kazakh investors for years 2005-2013 amounted to $1.3 million.
However, the volume of Kazakh-Estonian trade turnover amounted to $34.4 million in 2013.
Kazakhstan's exports to Estonia amounted to $4.7 million during 2013, and the imports amounted to $29.7 million for 2013.
Edited by CN