New opportunities open up in Kazakhstan for Canadian companies: minister
Kazakh Minister of Oil and Gas Uzakbai Karabalin said that the trade turnover between Kazakhstan and Canada reached $3 billion.
"Over the past five years, the trade turnover between the two countries increased fourfold and reached $3 billion," Karabalin said in his speech at the opening of the Kazakh-Canadian business forum in the Canadian city of Calgary.
Currently about 100 joint companies with authorized capital of over $ 60 million are registered in Kazakhstan. Since Kazakhstan became independent, Canadian investment in the Kazakh economy hit $6 billion.
"Today, as is known, Canada is in the top 20 countries with a strong economy, and Kazakhstan is in the top five fastest growing countries," he said.
Speaking about the current development of the Kazakh oil and gas sector, the minister noted about three major oil and gas projects as Kashagan, Tengiz and Karachaganak.
"Today, within the Eurasia project we are going to start exploration in the Caspian Basin, where giant fields may be located, and it will double the resource potential of Kazakhstan," Karabalin said.
Karabalin said that new opportunities open up in Kazakhstan for Canadian companies.
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