Kazakhstan and Russia are deepening economic cooperation through 177 joint investment projects valued at nearly $53 billion, President Kassym-Jomart Tokayev announced during talks in Astana with Russian President Vladimir Putin.

President Tokayev said that trade turnover between the two countries could exceed $30 billion in the near future, highlighting the growing scale of bilateral economic ties, The Caspian Post reports via Kazinform.

The Kazakh leader noted that Russia remains one of Kazakhstan’s largest investors among partner countries, while Kazakhstan itself has invested more than $29 billion in joint initiatives and cooperation projects.

Tokayev emphasized that out of the 177 joint projects currently being implemented, 122 have already entered the operational stage and are fully functioning.

“These projects demonstrate the mutual readiness for cooperation and align with the core interests of both nations,” the president said.

The talks took place during Putin’s state visit to Kazakhstan, which began on May 27 at the invitation of President Tokayev.

Earlier, a solemn welcome ceremony for the Russian leader was held at the Palace of Independence in Astana.

Putin arrived accompanied by a high-level delegation of more than 30 officials, including Deputy Prime Minister Alexey Overchuk, Central Bank Governor Elvira Nabiullina, Presidential Aide Yury Ushakov, Kremlin spokesman Dmitry Peskov and Rosatom Director General Alexey Likhachev.

The visit is focused on strengthening the comprehensive strategic partnership and allied relations between Kazakhstan and Russia across trade, energy, transport, logistics and industrial cooperation.

Astana is also hosting major regional events this week, including the Eurasian Economic Forum and the meeting of the Supreme Eurasian Economic Council.