Kazakhstan and the European Union have concluded a Memorandum of Understanding on strategic partnership in the field of sustainable raw materials, batteries and green hydrogen value chains. The document was signed by Kazakh Prime Minister Alikhan Smailov and President of the European Commission Ursula von der Leyen during the Summit of World Leaders of the Global Climate Change Conference in Egypt. Smailov noted that this collaboration will help to establish financial and technological cooperation between Kazakhstan and the EU industrial alliances. The parties expressed their readiness to work on strengthening the integration of joint strategic production chains, as well as on expanding investment partnerships and cooperation in the field of education.
“The EU is Kazakhstan’s key trade partner and it covers about 30 percent of the foreign trade. At the same time, today we see significant potential for increasing our current investment cooperation and the volume of mutual trade. Kazakhstan has all necessary factors to involve European business, diversified energy resources, transit and transport potential, and significant natural resources. Today, on the sidelines of the COP27, we just signed an important document, the Memorandum of Understanding on strategic partnership. The signing of the document will create the conditions for financial and technological cooperation between Kazakhstan and the EU industrial alliances,” Kazakh PM said.
“The European Union and Kazakhstan have developed strong economic ties over the years. The European Union is by far the largest foreign investor in Kazakhstan with 60 percent of the stock of foreign direct investment. And, the Memorandum of Understanding we have just signed will now further expand this relationship and align it with the shared priorities of both parties,” Ursula von der Leyen added.
Kazakhstan ready to become regional centre for renewable energy development
In his speech at the Global Leaders’ Summit, Smailov outlined Kazakhstan’s commitment to the goals and objectives of the Paris Climate Agreement. According to him, by the end of 2022, for the first time in Central Asia, Kazakhstan plans to adopt an ambitious document – the Low Carbon Development Strategy. Overall, the country is ready to become a regional centre for the development of renewable energy sources. Meanwhile, the Astana International Financial Centre is considered as a regional investment centre for ‘green’ finance. In total, representatives of over 120 countries take part in COP27. The Heads of State and Government deliver the national addresses, presenting their countries’ visions on the most pressing climate change issues.
