Kazakhstan and Azerbaijan announced their intention to establish an investment fund valued at $300 mn. The announcement was made by Nurlan Zhakupov, Chairman of the Samruk Kazyna Sovereign Wealth Fund, during a meeting between the Presidents of both nations in Baku, as reported by The Astana Times on March 11. The fund is expected to finance projects that are of mutual interest to both countries. It will also support priority projects in various sectors of the economies of Central Asian countries, including Bulgaria, Hungary, Romania, and Türkiye.
Zhakupov stated that the fund would enhance Kazakhstan’s collaboration with Azerbaijan and is anticipated to yield substantial profits, as it will be a purely commercial investment fund.
During the meeting, Kazakhstan’s President Kassym-Jomart Tokayev and Azerbaijan’s President Ilham Aliyev discussed future cooperation prospects and participated in the Supreme Interstate Council meeting on March 11 in Baku.
Tokayev congratulated Aliyev on his election victory and on being chosen to host the upcoming United Nations Climate Change Conference, or COP 29 summit, in November in Baku. He praised the effective cooperation between Kazakhstan and Azerbaijan, which is characterized by new content and significant joint projects.
During the first meeting of the Supreme Interstate Council of Kazakhstan and Azerbaijan, Tokayev noted the positive dynamics in developing trade and economic relations between the states. Trade turnover between Kazakhstan and Azerbaijan increased fivefold since 2020.
Tokayev emphasized that the activities of the Supreme Interstate Council will provide a strong boost to cooperation between the two countries and will contribute to elevating Kazakh-Azerbaijani relations to new heights.
Aliyev acknowledged the historical significance of the first meeting of the Supreme Interstate Council and expressed his belief that the outcomes of Tokayev’s visit and the meeting of the Interstate Council would largely shape the future agenda of relations between the two countries.
Aliyev stated, “Kazakhstan and Azerbaijan are two brotherly states. For many centuries, our people have lived in peace, brotherhood, and cooperation. I expressed gratitude to the President of Kazakhstan for fraternal assistance in the restoration of Karabakh. The Kurmangazy Center for Children’s Creative Development in Fuzuli, initiated by President Tokayev, is a gift from the Kazakh people to the Azerbaijani people. Tomorrow we will open this center, which will also be the center of our friendship. And, of course, in Azerbaijan, I think everyone knows that Kazakhstan is our reliable friend and ally.”
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