Saudi Arabia invested $94mln in Kazakhstan over past 10 years

ASTANA. KAZINFORM - Over the past 10 years volume of investment from Saudi Arabia in Kazakhstan has totaled $94 million, according to Minister of Finance Bakhyt Sultanov.

Minister Sultanov revealed the figures at the plenary session of Majilis, the lower chamber of the Kazakh Parliament, on Wednesday.
"Statistically, the two-way trade between Kazakhstan and Saudi Arabia has amounted to $268 million over the past decade. In 2015, it hit the mark of $16 million. Kazakhstan mainly exports ferrous metals, copper and iron alloys to Saudi Arabia," Mr. Sultanov said, introducing the draft law "On ratification of the Convention between the Government of the Republic of Kazakhstan and the Government of the Kingdom of Saudi Arabia for the avoidance of double taxation with respect to taxes on income and the Protocol to the Convention" at the session.
Majilis deputies approved the draft law on the Convention and the Protocol that were signed on June 7, 2011.
According to Sultanov, Kazakhstan signed analogous treaties for the avoidance of double taxation with 49 countries and there are plans to ink 6 more.