ASTANA – Deputies of the Senate, the upper house of the Kazakh Parliament, approved the law on ratifying the agreement between the governments of Kazakhstan and Qatar on the mutual promotion and protection of investments on Jan. 25, reported Kazinform.
According to Senate deputy Andrei Lukin, national companies and the two countries’ private sectors have established constructive ties, working on promising projects in various sectors of the economy worth $1.356 billion.
“Given significant prospects for the development of bilateral relations and to protect and support investors of both countries, the both governments concluded an agreement in October 2022 in Astana. The document aims to intensify economic cooperation between the parties by creating favorable conditions for investment activities,” said Lukin.
The agreement is based on standard provisions of the Organization for Economic Co-operation and Development (OECD), the principles of the United Nations Conference on Trade and Development (UNCTAD) and the recommendations of the World Bank.
The law is supposed to improve the investment climate and contribute to developing mutually beneficial trade and economic cooperation between countries.
In January-October last year, the trade turnover between Kazakhstan and Qatar reached $9.3 million, which is 2.8 times higher than the previous year, according to the Kazakh Foreign Ministry. At the end of 2022, the volume of Qatari investments in the Kazakh economy achieved a threefold increase.