Unsatisfactory presence of Kazakhstan in Azerbaijan

In 2002-2013 Kazakhstan's investment in fixed assets of the Azerbaijani economy amounted to $ 5.2 million; for comparison - only in 2011-2013 direct investment of Azerbaijan in Kazakhstan were at $ 132.8 million, the Minister of Economy and Industry of Azerbaijan Shahin Mustafayev said during the bilateral business forum in Aktau.

According to him, during the signing of a memorandum between Azerbaijan Fund for Export and Investment Promotion (Azpromo) and the Chamber of Entrepreneurs of Kazakhstan Mangistau region, between the countries were signed more than 100 different documents, including 25 in the economic sphere, but the rate of convergence of economies is still small. In 2013, the trade turnover between Azerbaijan and Kazakhstan amounted to $ 371 million (more than half - due to purchases of grain).

The Forum has more than 100 companies in Azerbaijan and Kazakhstan, representing food industry, agriculture, industry, construction, logistics and other sectors.

According to the minister, to January 1, 2014 Azerbaijan registered 52 companies with Kazakh capital, working in the areas of trade, transport, industry, agriculture, services, banking, insurance and construction. In Kazakhstan there are 723 companies with Azerbaijani investments.

Azpromo was established by the Ministry of Economic Development in 2003. Since August 2005, the fund began to engage in the promotion of exports. It was previously engaged in consultations. - 17D-

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