Tokyo, 06 March, /AJMEDIA/
Azerbaijan and Kazakhstan have discussed the organization of joint production in industrial and technology parks, AJMEDIA reports.
According to Azerbaijan’s Energy Ministry, the debate occurred on March 5 at the 20th meeting of the Kazakh-Azerbaijani Intergovernmental Commission in Astana. The Kazakh team was led by Minister of Transportation Marat Karabayev, while the Azerbaijani mission was led by Minister of Energy Parviz Shahbazov.
As the ministry noted, the issues related to Azerbaijan-Kazakhstan Investment Fund, joint production in industrial and technology parks, a grain terminal in the port of Alat, shipbuilding cooperation and possible participation of Kazakh companies in projects in Azerbaijan’s liberated territories.
In addition, it was said that Azerbaijan has spent $211.4 million in Kazakhstan, while Kazakhstan has invested $114 million in the Azerbaijani economy.
It was noted that close cooperation within the framework of the Azerbaijan-Kazakhstan Business Council, the next meeting of which will be held in the near future, measures to stimulate trade and economic cooperation, attracting Kazakh companies to the Alat Free Economic Zone (AFEZ), as well as establishing cooperation between the AFEZ and Kazakh companies free economic zones, will help increase these indicators.
To note, economic turnover between Kazakhstan and Azerbaijan reached $529.4 million in 2023, according to Kazakh statistics. The volume of trade turnover increased by 14.2 percent from the same time in 2022 ($463.3 million).
Concurrently, in terms of trade turnover, exports to Azerbaijan totaled $456.3 million over the aforementioned period, which is 21.6 percent higher than from January to December 2022.
Furthermore, from January to December 2023, imports from Azerbaijan fell by 17.3 percent, totaling $73 million. In 2022, imports totaled $88.3 million.
