Saudi Arabia and Kazakhstan strengthen economic cooperation

Saudi Arabia and Kazakhstan issued a joint statement following the official visit of Kazakh President Kassym-Jomart Tokayev to the Kingdom, in which they touched upon cooperation agreements between the two countries.

The statement mentions a number of agreements, the most important of which are:

On the economic issue, The parties agreed to work on strengthening the economic and trade partnership between them by integrating existing opportunities, as well as exploring and developing areas of investment in the light of the vision of the Kingdom 2030 and Kazakhstan 2050. The visit, during which a number of agreements and memorandums of understanding were signed between the private sector of both parties , as well as commercial transactions between the private sector in the energy, food and medical sectors. Both sides also welcomed the signing of a number of agreements and memorandums of cooperation between the governments of the two fraternal countries in the field of sports, media, medicine, cooperation in the financial sector.

The parties also agreed to “accelerate the approval of an investment protection and promotion agreement,” the statement said.

In the field of energy, The parties noted their common desire to “cooperate in the field of petrochemistry, innovative use of hydrocarbons, infrastructure development for circular carbon economy applications, carbon capture, capture and use, and hydrogen purification.” and strengthening cooperation in the field of energy efficiency.

Source: “SPA”

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