KAZAKH AMBASSADOR TO ARMENIA: KAZAKHSTAN’S INVESTMENTS IN ARMENIAN ECONOMY TOTAL 40 MILLION DOLLARS

arminfo
2007-07-12 14:32:00

Investments of Kazakhstan in the economy of Armenia total 40 million
dollars, Ambassador Extraordinary and Plenipotentiary of Kazakhstan
to Armenia Aimdos Ersaini Bozdjigitov says in an interview to ArmInfo.

The Ambassador said the investments were made mainly in the banking
sector of Armenia. In general, Kazakhstan considers Armenia as a
country with high-level economic freedom. Moreover, there is ather
favorable climate for investors and exporters in Armenia. All this
alongside with impressive macroeconomic indicators create favorable
conditions for bilateral economic cooperation. At the same time,
the investment cooperation between Armenia and Kazakhstan is
insignificant. "Our countries have solid mutually advantageous
potential that is not used completely. It is important that the
constructive political dialogue is strengthened by effective
partnership in the trade and economy sphere. We are to elaborate
effective cooperation models, open new cooperation possibilities,
especially, in energy and transport spheres. He added that Kazakhstan
is considering the possible shareholding in the stably developing
banking sector of Armenia," the Ambassador said. Kazakh banks rapidly
increase their assets and enter markets of the neighbouring states,
using surplus resources and low interest rates in the local market,
which makes crediting in abroad profitable. The second largest bank in
Kazakhstan "Turan Alem" has strong positions in the financial markets
of a number of CIS member-states. It established a branch in Armenia
in 2005. Moreover, the Ambassador said that given Armenia’s interest in
the supply of hydrocarbon material from deposits in Western Kazakhstan,
the planned construction of Kazakh oil terminals in the territory of
Georgia will help organizing oil supply to Armenia. Delivery of Kazakh
grain to Armenia is also considered from this point of view. "Joint
ventures have always been considered an effective and strong form of
bilateral cooperation," Ambassador Bozjigitov said. He also added
that Armenia is shareholder of 45 small enterprises in Kazakhstan,
including 21 JVs. These enterprises are mainly engaged on wholesale
trade, services and production of building materials. "We are ready
to discuss possible establishment of JVs in the sphere of machine
building, tourism and jewelry," the Ambassador said.