The Parliament of Kazakhstan has ratified an agreement with Turkmenistan on mutual investments
The Majlis (lower house of the Parliament of Kazakhstan) has adopted a draft law on the ratification of the agreement between Kazakhstan and Turkmenistan on the promotion and mutual protection of investments. The document was presented to deputies during a briefing by the Deputy Minister of Foreign Affairs of Kazakhstan, Alibek Kuantyrov.
During the discussion of the draft law, deputies asked the official to clarify the target areas of the agreement and provide more details about the anticipated investments of Kazakhstan, according to Kursiv.media.
“The agreement covers key sectors, including energy, agriculture, infrastructure projects, and manufacturing. In particular, Kazakhstan is interested in importing Turkmen gas. This necessitates the expansion of existing pipelines, as well as the joint development of gas fields in Turkmenistan” said Kuantyrov.
The document was signed on October 10, 2024, in Ashgabat. The agreement provides for equal conditions for national and international investors, protection against expropriation without compensation, and the possibility of resolving investment disputes in national courts or through international arbitration.
At the end of April, Kazakhstan expressed its intention to join the development of the giant Galkynysh gas field in Turkmenistan. QazaqGaz and Türkmengaz are currently in negotiations regarding the joint development of the third phase of the Galkynysh field.
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