Astana proposes joint investment programmes in Yerevan 

ArmInfo. "Kazakhstan is interested in further developing a comprehensive partnership with Armenia, and  therefore today's visit is of particular importance to me," President Kassym-Jomart Tokayev stated on April 15 in Yerevan following negotiations with Armenian Prime Minister Nikol Pashinyan.

"We have special respect for the ancient history, rich culture and  traditions of Armenia. Armenia is a very important and reliable  partner of Kazakhstan in the South Caucasus. Our relationship is  based on inextricable friendship and mutual assistance. Activating  bilateral relations is our common goal. Our goals and interests  coincide in terms of strengthening regional and international peace  and security," said the President of Kazakhstan.

According to him, negotiations with RA Prime Minister Nikol Pashinyan  prove the existence of mutual interest in maintaining partnership at  the highest level.

Tokayev noted that he and the Prime Minister of the Republic of  Armenia discussed many current issues on the agenda and reached  specific agreements.

"We paid special attention to expanding cooperation in the trade,  economic and investment spheres. Over the past 5 years, bilateral  trade has increased steadily, but the full potential has not yet been  fully exploited.  That is why we consider it advisable to increase  the pace of exchange; we need to look for new directions that will  give a new impetus to increasing the volume of trade turnover. We  need to take specific measures to increase the list of export and  import goods. To do this, existing opportunities should be used as  efficiently as possible. Kazakhstan is ready to increase the volume  of exports to Armenia to $350 million," Tokayev said.

He emphasized that it is necessary to intensify ties in industry,  finance, innovation, tourism, agriculture and other areas. "In this  regard, I proposed that Armenia implement a number of joint  investment projects. This is especially relevant in today's difficult  geopolitical situation. Work in this direction is the focus of  intergovernmental commissions," added the President of Kazakhstan.

Tokayev added that it is necessary to intensify contacts between the  business circles of the two countries, which will improve investment  relations.

In terms of strengthening bilateral mutually beneficial cooperation,  the development of the transport logistics sector is also of great  importance, the leader of Kazakhstan noted.

On the eve of the visit, the Kazakh leader, in an interview with the  state agency Armenpress, announced Kazakhstan's intentions to  increase exports to Armenia across 70 commodity items worth $350  million.  "These are products of the metallurgical, petrochemical,  food industries, construction and agricultural industries.  Considering that until 2011, wheat was one of the leading items of  Kazakh export to Armenia, I think it is important to resume supplies  of wheat and other food products to large retail chains in Armenia. I  believe that Armenian partners have similar proposals," he said.

According to him, industrial cooperation is also promising, where it  is important to create joint projects linking both countries. "Our  investment cooperation needs intensive development and promotion.  Today, a favorable investment climate has been created in Kazakhstan.  All the necessary tools have been created to support foreign  investment. We also note great opportunities in the field of  digitalization. Kazakhstan is pursuing a targeted policy to transform  into one of the largest digital hubs in in the Eurasian space. Over  the past three years alone, the export of our IT services has tripled  and reached $500 million. By 2026, it should reach at least $1  billion," Tokayev explained.

An important factor in deepening economic cooperation, in his  opinion, is the formation of cost-effective and high-speed ground  logistics between Kazakhstan and Armenia. Thus, the expansion of air  traffic will give mobility to business and citizens, and will open up  new opportunities in the tourism sector, the Kazakh leader is  confident. "I see the future of our relations in strict compliance  with accepted bilateral obligations and expansion of the legal  framework, in strengthening the bonds of friendship and cooperation  between our peoples, in deepening contacts in the trade, economic,  cultural and humanitarian spheres," Tokayev noted.

According to the RA Stacommittee, the foreign trade turnover between  Armenia and Kazakhstan in 2023 jumped 2.4 times, amounting to $100.5  million. The volume of direct investments from Armenia to Kazakhstan  amounted to $18.6 million, from Kazakhstan to Armenia - $56 million.  Today, more than 380 companies with Armenian capital, 72  Kazakh-Armenian companies in various sectors of the economy, and in  Armenia there are over 100 companies with Kazakh capital.