President of Kazakhstan: Our territory is the second largest region in the world that owns oil and gas

Kassym-Gomart Tokayev, President of Kazakhstan, said he had a vision for cooperation with Gulf Council States in the coming period Trade and economic relations must first be expanded, Effective and active growth between trade in his State and the GCC States must be mentioned s potential “, which had begun in recent years, but the figures did not reflect Kazakhstan’s potential s exports to Gulf States by 100 goods valued at approximately $350 million.

“Tokayev,” he added, during his speech at the Gulf Summit with the Central Asian States, The second trend is the activation of investment cooperation. According to the report of the United Nations Conference on Trade and Development, the flow of net investment to Central Asia last year increased by 40%. It reached $10 billion, and Kazakhstan received 60%, knowing that the Gulf states invested $3.6 billion in Kazakhstan’s economy, so investment relations are a backbone of cooperation.

The President of Kazakhstan said that large-scale state reforms aimed at diversifying the economy, including creating the best conditions for foreign investment, would become the business council recently established by Kazakstan and Saudi Arabia, and Kazakhstan was ready to launch a similar cooperation mechanism with all GCC member states.

The States of the region are taking effective action in diversifying the various roads, infrastructure and logistics. For their part, Kazakhstan prioritizes the strengthening of international transport capabilities through Caspian and intends to increase the orderly movement of goods through this route and their delivery of 500 thousand containers annually by 2030. In addition, Kazakhstan is taking measures to transport the North-South international corridor.

Another important area was the deepening of energy cooperation. There are more than 30 billion explored oil reserves in Central Asia. and more than 20 trillion cubic metres of gas, making the region the second largest in the world in terms of oil and gas resources after the Arabian Peninsula Kazakhstan, as a member of the OPEC + Cooperation Convention, is preparing to deepen comprehensive cooperation and Kazakhstan is working to diversify energy transport routes and at the same time strive to stimulate and develop new productive capacities, attracting advanced experiences and techniques in exploring production.

Kazakhstan was ready to cooperate closely with the major energy companies in the participating countries, particularly in the field of green energy, and encouraged projects with Saudi Arabia’s Aqua Power Company, Masdar UAE and Qatari companies.