Kyrgyzstan Channels $4.8 Million into Kazakhstan in 2024 Investments

The Senate of the Kazakh Parliament on Thursday approved a law ratifying the Treaty on the Promotion and Mutual Protection of Investments between Kazakhstan and Kyrgyzstan.

As Senate Deputy Gennady Shipovskikh said, "the Treaty was signed on April 2024 during an official visit of the Kyrgyz President to Astana", The Caspian Post reports citing Kazinform.

According to him, the Treaty is a new version of the Treaty on promotion and mutual protection of investments between Kazakhstan and Kyrgyzstan signed nearly 30 years ago in 1997 taking into account the recent developments in international and national legislation.

The Treaty governs matters relating to establishment of a favorable investment climate with the aim to boost economic cooperation of the two nations, especially to attract and promote investments.

Shipovskikh said: “Kazakhstan is the third largest trade partner of Kyrgyzstan. The trade turnover between the nations stood at 1.71 billion US dollars in 2024, with Kazakhstan’s exports accounting for 1.3 billion US dollars, rising by 9.6%”.

The Kazakh National Bank data indicates that in nine months of last year, 4.8 million US dollars worth of foreign direct investments were attracted from Kyrgyzstan, up 18% compared to the previous year, he said.

Earlier it was reported that the Kazakh Parliament’s Majilis announced on Wednesday the ratification of the Treaty on deepening and expanding allied relations between Kazakhstan and Kyrgyzstan, signed on April 19, 2024, in Astana.