Oriented on making people closer

The Senate of Kazakhstan has approved a new law ratifying the Agreement between the Governments of Kazakhstan and Turkmenistan on the Mutual Promotion and Protection of Investments, as reported by Kazinform news agency.

According to Senator Amangeldy Nugmanov, this law aims to create transparent, stable, and predictable conditions for investors and to expand long-term economic cooperation.

— This law is a fundamental legal act that ensures comprehensive support and protection for investment processes in all sectors of the economy—from state to private investments, including the full range of entrepreneurial and business activities between the two countries. This is where the uniqueness and special significance of this document lie: for the first time at an interstate level, clear guarantees and obligations are set to protect the interests of the entire investment community in both nations, the senator said.

The agreement also plays a vital role in establishing mechanisms for resolving investment disputes, providing access to international arbitration, and ensuring fair and equitable treatment of foreign investments.

One of the agreement's priorities is cooperation in the energy sector. The Kazakh side has expressed its readiness to actively participate in projects to develop Turkmenistan's gas condensate fields and expand its pipeline infrastructure.

— The signing of a separate Agreement on Cooperation in the Gas Sector between the companies QazaqGaz and the state concern TurkmenGaz is of particular importance. This is a "golden bridge" between the two states, opening new horizons for our economy and strengthening regional energy security, Amangeldy Nugmanov stressed.

Senator Sergei Yershov added that in 2024, bilateral trade between the two countries amounted to $555.7 million. Kazakhstani investors have invested $16.1 million in Turkmenistan's economy. There are also mutually beneficial projects in rail, road, and water transport. Furthermore, the source reports that the Turkmen side has confirmed its interest in the repair and modernization of armored vehicles, as well as the supply of spare parts and components.

ORIENT

Photo: turkmenistan.gov.tm