Kazakhstan, Azerbaijan sign 16 memoranda at business forum

At the Kazakhstan-Azerbaijan business forum held in Astana, the business communities signed 16 memoranda of cooperation. These included documents on cooperation in industry, digital technologies, logistics, and education. One of the key memoranda was the cooperation between the national export support institutions - Kazakhstan’s QazTrade and Azerbaijan’s AZPROMO. The parties agreed to promote joint projects and enter the markets of third countries.

«Kazakhstan is ready to ensure the supply of high-quality agricultural products and processed goods, as well as to develop partnerships in joint packaging, storage, and re-export to third-country markets. We view Azerbaijan not only as a trade partner but also as a strategic, logistics, and processing hub. The second area is industrial cooperation. There is significant potential for establishing joint ventures in the processing of packaging materials, mechanical engineering, and light industry,» said Aitmukhammed Aldazharov, Chief Executive Officer of the QazTrade Center for Trade Policy Development.

In addition, the Azerbaijani side expressed its intention to expand the partnership. The tourism sector holds significant prospects, as do transport and logistics. Business representatives view cooperation within the Trans-Caspian or Middle Corridor, linking China, Kazakhstan, and Azerbaijan with European markets, as highly profitable. Furthermore, the agreements are expected to help the countries increase trade turnover and strengthen their positions as key partners in Eurasia. Trade between the two countries is growing and has already exceeded $500 million this year. The level of interest in expanding ties is also reflected in the number of participants, with more than 100 companies taking part in the business forum.

«There is also extensive cooperation here, which is why logistics companies are participating as well. Of course, ports are a very important area, and the development of this cooperation. As you know, our border lies along the Caspian Sea, and our port, and the Alyat port, will be expanded. Trade turnover is expected to increase from 15 million to 20 million tonnes,» noted Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of Azerbaijan – AZPROMO.

Web-editor: Арайлым Серқанова