Saudi Arabia`s Ministry of Investment met recently with Kazakhstan`s Agency for International Investment Relations. Participants discussed the signing of the earlier proposed Saudi-Kazakh Coordination Council. In addition, they also revisited the Intergovernmental Agreement on Protection and Promotion of Investments.
Saudi-Kazakh Coordination Council Key To Expanding Investment
Saudi Arabia and Kazakhstan have both emphasised prospects for expanding investment cooperation in priority economic sectors. Accordingly, the signing of the proposed agreements are expected to provide additional impetus for the development of bilateral cooperation. Saudi companies are expressing strong interest in implementing investment projects in Kazakhstan and have noted the importance of building sustainable interagency contacts. Aligned with the Regional Environmental Summit held in April in Astana, both parties are exploring cooperation in green energy and digitalisation.
Council Will Promote Investment Opportunities In Both Countries
The meeting follows both governments agreement to establish the Saudi-Kazakh Coordination Council earlier this year. The two sides agree that establishing the council reflects the directives of both countries leaderships and underscored their shared desire to advance bilateral relations. As part of the council initiative, both parties will exchange expertise and promote investment opportunities and cooperation in priority projects. Furthermore, it aims to enhance consultation on matters of common interest across all fields. In addition, it also seeks to further consolidate existing multi-sector cooperation by providing an effective mechanism to elevate bilateral collaboration to higher levels. Both sides agreed to hold periodic Saudi-Kazakh Coordination Council meetings while establishing implementation mechanisms to follow up on its outcomes.
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