Riyadh hosted the sixth Kazakh-Saudi Intergovernmental Joint Committee meeting, focusing on Trade, Economic, Scientific, Technical, and Cultural Cooperation. This event, as reported by the Kazakh Foreign Ministry’s press service, marks a pivotal step forward in the strategic relationship between Kazakhstan and Saudi Arabia.
Concurrent with this significant meeting, an investment round table brought together over 100 business leaders from both countries, highlighting the Saudi market’s vast potential for expanding trade, economic relations, and investment partnerships. Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu emphasized the broad scope for collaboration across sectors like green energy, food security, transport, logistics, mining, petrochemicals, agriculture, finance, and tourism, acknowledging Saudi Arabia as a key partner.
Nurtleu’s remarks underlined the strong ties and opportunities stemming from the leaders’ personal and trusting contacts in both nations. He pointed out that, despite global economic headwinds, Astana and Riyadh’s comprehensive relations continue to grow, spurred by the business communities’ enthusiasm.
Saudi Arabia, represented by Minister of Investment Khalid Al-Falih, showed high interest in strengthening ties with Kazakhstan. Al-Falih’s comments acknowledged Kazakhstan’s significant role as a leader in Central Asia, with its expansive territory, abundant natural resources, and substantial human capital. He expressed a desire for profound, beneficial relations encompassing political dialogue, economic cooperation, and substantial investments.
The event showcased insights from executives of over 30 leading Saudi companies, including Saudi Aramco and ACWA Power. The latter is initiating renewable energy projects in Kazakhstan. Key agreements included a memorandum of understanding between the Development Bank of Kazakhstan and the Saudi Export-Import Bank and a protocol to establish a joint innovation hub next year. This initiative aims to open doors for Kazakh startups in the Middle East and North African markets, positioning Kazakhstan as a rising IT hub.
Another critical development was the agreement between Kazakhstan and Saudi Arabia for visa exemptions for diplomatic and service/special passport holders. This strategic alliance is a testament to the countries’ commitment to mutual growth and cooperation across various sectors, setting a course for economic prosperity and innovation.
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