The implementation of joint projects between Azerbaijan and Kazakhstan have been discussed during the meeting between Azerbaijan’s Economy Minister Mikayil Jabbarov with the Board Chairman of Samruk-Kazyna JSC and KazMunayQaz JSC, the country’s economy ministry press service reported on July 5.
During the meeting, it was noted that relations between Azerbaijan and Kazakhstan are developing in various fields.
The parties expressed confidence in the further strengthening of economic relations between the two countries.
Speaking about the activities of Azerbaijan Investment Holding, Jabbarov emphasized the importance of sharing experience in the cooperative management field with Samruk-Kazyna JSC.
Moreover, the minister underlined the importance of attracting private investment in the economy, digital transformation of portfolio companies, and shared his views on prospects for bilateral cooperation.
Additionally, the parties discussed issues of transport and logistics, as well as cooperation in the oil and gas sector.
It should be noted that the trade turnover between Azerbaijan and Kazakhstan amounted to $142 million in 2020. In addition, the trade turnover amounted to $39 million in the first five months of 2021.
Over 700 companies with Azerbaijani capital are presently registered in Kazakhstan, and about 60 companies with Kazakh capital are registered in Azerbaijan.
The main export products from Kazakhstan to Azerbaijan are mineral resources (oil and gas), chemical raw materials, grain, barley, tobacco products, carbon steel rolling, and electrical equipment. Azerbaijan exports petroleum products extracted from bituminous materials, ethylene polymers, components for machines and mechanisms, prefabricated buildings, etc. to Kazakhstan.