The Kazakh-Azerbaijani investment fund, currently under development by Samruk Kazyna National Welfare Fund and an Azerbaijani investment holding, will focus on enhancing the port infrastructure of both countries, Kazakh Transport Minister Marat Karabayev said at the 20th meeting of bilateral intergovernmental commission on March 5 in Astana, reported the ministry’s press service.
During the meeting, Energy Minister of Azerbaijan Parviz Shahbazov emphasized the importance of transit routes for Kazakh oil through Azerbaijan, discussing an increase of its output along various directions.
Both sides agreed to expedite the Digital Silk Road project by finalizing the construction of the Caspian underwater optical line connecting Azerbaijan and Kazakhstan.
Shahbazov noted that cooperation in creating a corridor for exporting green energy from Central Asia to Europe through Azerbaijan underlines the commitment of both countries to expand relations.
The parties reviewed preparing for the technical and economic feasibility study of transmitting electricity along this route, expressing readiness to collaborate with Kazakh companies in renewable energy and energy efficiency sectors.
Shahbazov underscored the significance of joint efforts in maximizing the potential of the Trans-Caspian International Transport Route, whose freight traffic increased by 65% to 2.8 million tons last year.
Karabayev highlighted a 1.5-fold increase in freight traffic between Kazakhstan and Azerbaijan in 2023, totaling 4.3 million tons. Bilateral trade volume stood at $314 million, with Azerbaijan’s investments in Kazakhstan reaching $211.4 million and reciprocal investments amounting to $114 million in Azerbaijan’s economy.
Close cooperation within the Azerbaijan-Kazakhstan Business Council, upcoming council meetings and initiatives to stimulate trade and economic collaboration, including those to attract Kazakh companies to Azerbaijan’s Alyat Free Economic Zone, promise to improve these indicators.
The parties also touched on issues regarding joint ventures in industrial and technological parks, the construction of a grain terminal at the Alyat port, and collaboration in shipbuilding.
The meeting also lauded the construction of the Kurmangazy Center for Children’s Creative Development for 600 students in Fuzuli and outlined plans to build a hospital.
The ministers deliberated on expanding the range of export-import goods, with a focus on priority projects in energy, investment, transport, and logistics sectors.
The meeting concluded with the signing of a protocol, deciding to convene the 21st commission session in Baku in 2025.
