Kazakhstan and Saudi Arabia Discuss Prospects of Cooperation

 

Riyadh, the capital of Saudi Arabia, hosted the sixth meeting of the Intergovernmental Commission of Kazakhstan and Saudi Arabia aimed at strengthening trade, economic, scientific, technical and cultural ties between the two countries. The meeting, co-chaired by Murat Nurtleu, Deputy Prime Minister and Minister of Foreign Affairs of the Republic of Kazakhstan, and Khalid bin Abdulaziz Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, became a platform for discussing strategically important issues and ideas concerning cooperation between the two countries.

The meeting included a Kazakh-Saudi investment roundtable, which was attended by more than 100 representatives of the business communities of both countries. This event was an important step towards deepening economic ties between Kazakhstan and Saudi Arabia.

Murat Nurtleu emphasized the importance of developing mutually beneficial partnership between the public and private sectors, as well as the need to use the potential of the Saudi market to strengthen economic relations. The Kazakh side expressed readiness to cooperate in the fields of green energy, food security, transportation and logistics, mining, petrochemicals, agriculture, finance and tourism.

The Saudi side, represented by Khalid Al-Falih, expressed high interest in strengthening multifaceted ties with Kazakhstan, considered as a leader of the Central Asian region. Both sides noted the importance of trustful political dialog and large-scale investments for the development of the economy.

Following the meeting, a Protocol and Memorandum of Understanding were signed between the Development Bank of Kazakhstan and the Export-Import Bank of Saudi Arabia. This event confirms the intentions of both countries to open a joint innovation hub next year, which will facilitate the entry of Kazakhstani startup projects to the markets of the Middle East and North Africa.

An intergovernmental agreement on exemption from visa requirements for holders of diplomatic and service passports was also signed, which is an important step towards strengthening bilateral relations between Kazakhstan and Saudi Arabia.