Azerbaijan, Kazakhstan keen on increasing trade turnover
By Aynur Karimova
Azerbaijan and Kazakhstan, the two Caspian littoral states, are seeking new mechanisms to increase trade turnover between them.
This was noted by Natig Aliyev, Azerbaijan's Energy Minister, at a briefing following the 12th session of the Azerbaijan-Kazakhstan Intergovernmental Commission on Economic Cooperation on December 4.
He said that the dynamics of trade turnover between the two countries is being declined now.
"However, the potential is very high to increase trade turnover,” he said. “We are working on new mechanisms to enhance the economic cooperation to increase the indices."
Aliyev also noted that Azerbaijan and Kazakhstan agreed to expand cooperation in the non-oil sector during the committee meeting.
"We should intensify the cooperation in the transport sector, increase the volume of cargo transportation,” he said. “The establishment of the special coordinating council for transit cargo and reduction of tariffs in Azerbaijan contribute to this.”
The minister also stressed a great mutual interest in cooperation in agriculture, culture and tourism.
Kazakhstan invites Azerbaijani entrepreneurs
Speaking at the briefing, Kazakh Energy Minister Vladimir Shkolnik invited the Azerbaijani entrepreneurs to participate in the Eurasia project, which envisages conducting complex geological exploration of mineral resources of the Caspian basin.
"Azerbaijan enjoys a developed infrastructure, which can be used to increase the supply of Kazakh hydrocarbons to the world markets. We have invited Azerbaijan to take part in the Eurasia project, which envisages the complex exploration of the depths of the Caspian basin for the presence of hydrocarbons. This is an international project, in which major companies will participate. Azerbaijan can participate in it if desires," he noted.
The Eurasia project is estimated at about $500 million. It will be carried out in three phases.
The first phase envisages the collection and processing of materials from previous years. The second phase includes large-scale research. The last phase includes the drilling of a new support-parametric well called Caspian 1, at the depth of nearly 14-15 kilometers.
As part of the meeting Azerbaijan and Kazakhstan signed a protocol on amendments to the intergovernmental agreement on cooperation in the field of industrial property protection, signed in 1998.
The protocol was signed by Ramiz Hasanov, the Head of the Azerbaijani State Committee on Standardization, Metrology and Patents, and Beybit Isabayev, the Kazakh Ambassador to Azerbaijan.
A final protocol was signed as part of the meeting.
According to the State Customs Committee of Azerbaijan, the trade turnover between Azerbaijan and Kazakhstan amounted to $250.9 million as of 2014. Around $221.06 million accounted for the import from Kazakhstan to Azerbaijan and $29.8 million to the export to Kazakhstan.
Kazakhstan invested $5.2 million in Azerbaijan in fixed assets in 2002-2013. On the other hand, over the last two years Azerbaijan invested $132.8 million of direct investment in Kazakh economy.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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