Majilis approves ratification of Kazakhstan-UAE agrt on investments protection

ASTANA. KAZINFORM Deputies of the Majilis of the Kazakh Parliament approved the draft law On ratification of the agreement between the Government of the Republic of Kazakhstan and the Government of the United Arab Emirates on promotion and mutual protection of investments, Kazinform correspondent reports.

According to Vice Minister of Foreign Affairs Roman Vassilenko, the document aims at creation of legal framework for cooperation by securing guarantees of rights of investors for carrying out their investment activity, as well as promotes improvement of investment climate and further development of mutually beneficial trade-economic cooperation between the countries.

«The agreement establishes the procedure for payment of compensation for damage and losses due to war and other armed conflicts, as well as in case of nationalization and expropriation. In addition, the document sets the procedure for settling investment disputes,» Majilis deouty Aigul Kuspan says.

According to Roman Vassilenko, commodity turnover between Kazakhstan and UZE reached $558mln in 9 months of 2022. Investment inflow in H1 2022increased twofold against the last year and made $127mln. Since 2005, the volume of direct investments from the UAE reached $2.9bln. 317 joint entities are operating in Kazakhstan today. 28 projects worth $5.3bln are under implementation.