The Prime Minister of the Republic of Kazakhstan, Olzhas Bektenov, and the Deputy Prime Minister for Economic Affairs of the Sultanate of Oman, Theyazin bin Haitham Al Said, held a meeting in Astana, following which an Investment Cooperation Agreement between the two states was signed. The document will form the basis for the creation of a joint investment platform, the launch of new Kazakh-Omani enterprises, investment funds and other co-investment mechanisms on a parity basis. This was reported on the website of the Kazakhstan government.
The agreement provides for the implementation of projects in priority sectors of the economy, including industry, energy, healthcare, logistics, the mining sector, and other areas. Investments are planned to be directed towards both existing and new projects in the territories of both countries.
Currently, the joint portfolio of Kazakhstan and Oman comprises five major investment projects worth US$3 billion. Of these, two projects worth US$1.1 billion have already been implemented in the energy and rail transport sectors, whilst projects in the field of ore processing are currently under way.
“The Sultanate of Oman is a friendly and reliable partner of Kazakhstan in the Middle East and throughout the Arab world. The Government of Kazakhstan is ready to actively develop trade and economic cooperation with Oman,” Bektenov emphasised.
During the talks, the parties expressed an interest in joining forces to expand trade and economic cooperation. Plans include the implementation of joint initiatives in the oil and gas sector, with a focus on the modernisation and technological development of enterprises.
Another promising area is the implementation of projects in the field of digital technologies in the public sector and artificial intelligence. The importance of exchanging experience in the development of ecotourism, the hotel and service industries, and the promotion of cultural and natural attractions was noted.
Furthermore, the development of the two countries’ economies is facilitated by joint measures to establish processing enterprises, exchange agricultural technologies, and conclude long-term agreements on the supply of agricultural products. In view of Kazakhstan’s efforts to develop the transit and transport potential of the Trans-Caspian International Transport Route (Middle Corridor), common ground was identified in the field of logistics.