Kazakh Senate OKs agreement on mutual protection of investments with Singapore

The upper chamber of the Kazakh Parliament, Senate, approved the law on ratification of the agreement between the governments of Kazakhstan and Singapore on the encouragement and mutual protection of investments, Kazinform News Agency reports.

At the Thursday session of the chamber, MP Sergei Yershov emphasized that investment cooperation between the Republic of Kazakhstan and Singapore is an important aspect in strengthening economic ties and developing trade between the nations.

“Being one of the world’s top financial hubs, Singapore is one of the leading partners of Kazakhstan in South-East Asia. Recently Kazakhstan and Singapore have seen positive dynamics in the development of bilateral relations in terms of investments. Singapore can offer its best practices and technologies in effective investment management to help Kazakhstan develop its economy,” Yershov said.

The umbrella agreement protects foreign investors against political risks in the territory of the parties’ countries and ensures just and equal treatment of foreign investment by the parties.