Kazakhstan-Azerbaijan economic cooperation moves to new level

BAKU. KAZINFORM The economic cooperation between Kazakhstan and Azerbaijan moves to a new level. This was stated at a meeting of the Kazakh Ambassador to Azerbaijan Alim Bayel with Minister of Economy of this country Mikayil Jabbarov, Kazinform reports.

During the meeting, Alim Bayel noted that the mutual visits of the heads of state in 2022 and 2023 marked a new stage in the bilateral cooperation. The diplomat emphasized fruitfulness of the official visit of the Kazakh Prime Minister Alikhan Smailov to Azerbaijan in June, following which 11 joint documents were signed.

Special importance is attached to the documents on establishment of a joint enterprise by the railways administrations of Kazakhstan, Azerbaijan and Georgia, on establishment of a joint venture for laying a fiber-optic line along the bottom of the Caspian Sea as well as on increasing the volumes of transportation of Kazakhstani oil through Azerbaijan.

Mikayil Jabbarov confirmed his country’s interest in accelerating the Kazakh-Azeri economic cooperation in the current turbulent geo-economic situation. The Minister expressed Azerbaijan’s readiness for soonest implementation of such projects as supply of railroad locomotives assembled in Kazakhstan to Azerbaijan and delivery of Azerbaijani ships to Kazakhstan. During the conversation he highlighted the importance of digitalization of the Middle Corridor and creation of ‘one-stop service’ transport-logistics system.

Mikayil Jabbarov proposed also to discuss the possibility of the two countries' participation in oil and gas projects both in the Caspian basin and in other regions. The Azerbaijani Minister pointed out also that Kazakhstan was a reliable producer and supplier of cereals.

The Ambassador initiated also some ideas aimed at deepening the cultural-humanitarian and economic cooperation between Kazakhstan and Azerbaijan.

The countries observe today a positive dynamics of the bilateral trade and economic cooperation. In January-May 2023, commodity turnover between Kazakhstan and Azerbaijan rose by 50% – from 162.5 million US dollars to 243.6 million US dollars - compared to the same period in 2022. Since the beginning of 2023, commodity deliveries through the Middle Corridor exceeded 1 million tons, having increased by 64%.

Kazakhstan is ready to step up its exports to Azerbaijan in 100 commodity items worth more than 300 million US dollars and bring the bilateral trade turnover to 1 billion US dollars, as set by President Kassym-Jomart Tokayev. Last month, the two countries announced they would increase mutual flights from 32 to 42 per week.

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