Kazakhstan and Azerbaijan agree to double trade turnover

ASTANA. Oct 21 (Interfax) - Kazakhstan and Azerbaijan plan to double their mutual trade turnover to $1 billion in the near future, Kazakh President Kassym-Jomart Tokayev's press service said.

"An agreement has been reached to take the necessary measures to double bilateral trade turnover in the near future to $1 billion," according to the press release following a briefing between Tokayev and Azerbaijani President Ilham Aliyev after the talks and meeting of the Supreme Interstate Council.

As reported, Tokayev and Aliyev at the briefing also instructed their respective countries' governments to adopt a roadmap to develop industrial collaboration as soon as possible.

"The governments have been instructed to monitor these areas and promptly adopt a plan, or roadmap, as it is now commonly called, to develop industrial collaboration. We have agreed to intensify the activities of the Kazakhstan-Azerbaijan Direct Investment Fund in order to finance promising and mutually beneficial projects," Tokayev said in the statement.

Tokayev said that both sides have expressed interest in establishing joint ventures, and that significant opportunities exist for collaboration in agriculture, energy, manufacturing, construction, and digitalization.

For example, joint transformer production is planned, residential and infrastructure projects are under construction, and joint shipbuilding projects are being developed.

Trade turnover between Kazakhstan and Azerbaijan totaled $470 million in 2024.