Masimov: Turkey, Kazakhstan could revive economic cooperation

Kazakh Premier Karim Masimov said Turkey and Kazakhstan could revive their economic cooperation.

Masimov: Turkey, Kazakhstan could revive economic cooperation

Kazakh Premier Karim Masimov said Turkey and Kazakhstan could revive their economic cooperation.

Speaking during the breakfast hosted Friday in his honour by Turkey's Foreign Economic Relations Board (DEIK), said the economic relations between the two countries was not on the desired level like the political relations.

He said the Turkish companies were the first foreign companies to make direct investments in his country, recalling that economic relations were on a high level back then. He said however that economic relations later slowed down, noting that it was time to revive the economic relations between the two countries.

Masimov who underlined the importance of abiding by international rules of arbitration, went on to say that his country respected property rights.

He pointed out that Russia, Kazakhstan and Belarus formed a customs union urging Turkish companies to establish production facilities in Kazakhstan enjoy competitive benefits of the union.

Chairman of Turkey's Union of Chambers and Commodity Exchanges and Head of DEIK, Rifat Hisarciklioglu said the current bilateral trade volume of $1.7 billion did not reflect the true potential between the two countries.

Hisarciklioglu said Turkish construction sector successfully undertook projects amounting to $8 billion thanks to government subsidies. Turkey's investments in Kazakhstan amount to $2.5 billion USD, while Kazakhstan's investments in Turkey amount to $1.1 billion. He said the amount of bilateral investments were also far from reflecting the true potential of the two countries.

He said establishment of a joint arbitration that is recognised by both countries was key to boosting the bilateral investments between the two countries.


AA

Last Mod: 24 Aralık 2010, 16:56
Add Comment