Kazakhstan’s senate ratifies agreement with Austria on support to investments

Kazakhstan and Austria will be rendering support and protection to investments. Kazakhstan’s Senate ratified the respective agreement signed by the two governments, a Tengrinews.kz journalist reports. “Signing of the agreement is a mile stone in the bilateral cooperation and offers wide opportunities to stimulate investments (…) Given the parties’ interest in the soonest coming of the agreement into force at the threshold of President Nazarbayev’s visit to Austria, the Austrian side may show interest to the status of the agreement in Kazakhstan. Given that the agreement puts in place favorable conditions to facilitate further economic development, I am asking the Senate to support the agreement”, Vice Minister of Industry and New Technology Albert Rau said when presenting the agreement before the Senate. According to the country’s National Bank, from 1995 to 2012 the gross inflow of Austrian investments to Kazakhstan stood at $2.5 billion, with most of the investments injected into the banking sector. Mr. Rau elaborated that the two sides had put together a list of over 20 prioritized economic projects. “To activate further cooperation (…) the sides have identified some areas of priority. These are industrial production, power industry, agriculture, innovations, energy saving projects, tourism (…)”, he said. He elaborated that the agreement facilitates transfer of revenues, and compensations in case of expropriation of investors’ property.