Kazakhstan, Saudi Arabia Strengthen Strategic Partnership

ASTANA – Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu highlighted the strategic importance of intensifying cooperation between the public and private sectors of Kazakhstan and Saudi Arabia at the sixth meeting of the Kazakh-Saudi Intergovernmental Joint Committee on Trade, Economic, Scientific, Technical, and Cultural Cooperation on Dec. 20 in Riyadh, reported the Kazakh Foreign Ministry’s press service.

The 6th meeting of the Kazakh-Saudi Intergovernmental Joint Committee. Photo credit: gov.kz

A Kazakh-Saudi investment round table was organized concurrently, bringing together over 100 business representatives from both countries.

Nurtleu emphasized the enormous potential of the Saudi market for strengthening trade and economic relations, as well as the limitless prospects for expanding investment partnerships.

The minister outlined significant opportunities for deepening collaboration in green energy, food security, transport and logistics, mining, petrochemicals, agriculture, finance, and tourism. He regarded Saudi Arabia as a crucial partner for Kazakhstan in the Middle East and the international arena.

“Personal and trusting contacts between our leaders create a solid foundation for bilateral cooperation and open up wide opportunities for us,” he said.

At the investment round table, Nurtleu noted that despite the challenging global economic situation, comprehensive relations between Astana and Riyadh continue to develop actively, driven by the keen interest of business circles in both countries.

Saudi companies were invited to explore Kazakhstan’s potential with the prospect of establishing joint ventures.

Saudi Minister of Investment Khalid Al-Falih expressed his country’s high interest in strengthening diverse ties with Kazakhstan, which is considered the leader of the Central Asian region with a vast territory, rich natural resources, and high human capital.

“It is vital for us today to bring relations with your country to the most serious level, which involves confidential political dialogue, mutually beneficial trade, and economic ties, as well as substantial investments in your economy,” Al-Falih shared.

The event featured speeches from the heads of over 30 large Saudi companies, including industry giants such as Saudi Aramco and ACWA Power. The latter is starting to implement renewable energy projects in Kazakhstan.

The Development Bank of Kazakhstan and the Saudi Export-Import Bank inked a memorandum of understanding. The Committee signed a protocol of the sixth meeting, as per which the parties plan to establish a joint innovation hub early next year, facilitating access for Kazakh startup projects to the markets of the Middle East and North Africa and promoting Kazakhstan as an IT country.

Kazakhstan and Saudi Arabia also signed an agreement on exemption from visa requirements for diplomatic and service/special passport holders.

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