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Kazakhstan and Austria signed agreements worth 170 million Euro

25 october 2012, 13:25
0
Photo courtesy of profinance.kz
Photo courtesy of profinance.kz
Agreements worth 170 million Euro were signed during Kazakhstan-Austrian economic forum participated by Kazakhstan President Nazarbayev, Tengrinews.kz reports citing the public relations department of the National Agency for Export and Investments Kaznex Invest of Kazakhstan Ministry of Industry and New Technologies.

“Kazakhstan-Austrian economic forum held in Vienna resulted in signing of 19 documents for the total amount of 170 million Euro. The business event was attended by Kazakhstan President Nursultan Nazarbayev who arrived in Austria with an official visit and Austrian Federal President Heinz Fischer,” the Agency writes.

According to the Agency, the signed documents include a Memorandum on Establishment of Kazakhstan-Austrian Business Council. The Memorandum was signed by Kazakhstan Chamber of Commerce and Austrian Economic Chamber in the presence of both presidents. According to Kaznex Invest, 10 of the signed documents are related to investments and are worth 158.7 million Euro.

In particular, the investment documents include a memorandum of understanding between KazMunaiGas and OMV_Petrom S.A. on cooperation in joint oil and gas exploration and production at the territory of Kazakhstan, retail sales of oil products at the territory of Turkey, cooperation in OMV_Petrom S.A. projects outside Austria and in oil and gas engineering in Kazakhstan.

Kazakhstan National Agency for Export and Investments signed 7 memorandums: on attraction of investments in development of copper-molybdene field Borly with K & K Natural Resources GmbH (jointly with Copper KZ-CA and Astana PromInvest); on production of construction materials with Herz Armaturen GmbH (jointly with Astana PromInvest); on attraction of investments into construction sector with Christof Holding AG and LGP-Infrastruktur- und Projektentwicklung GmbH.

Austrian companies are also going to take part in several other projects: AVL List GmbH will participate in production of motors and engines; DOPPELMAYR Seilbahnen GmbH will operate in tourism sector; REBLOC GmbH will participate in production of composite concrete systems. Austrian-Kazakh union will cooperate with the agency in attraction of potential Austrian investors to Kazakhstan.

Other significant investments projects include a healthcare project on production of coronary stents and catheters and a memorandum of cooperation for production of inductive sensor technologies between Kazakhstan Temir Zholy, KazCentrElektroProvod and Frauscher Sensortechnik GmbH.

In general, according to the investment agency, the volume of investments from Austria to Kazakhstan reached around $2.5 billion over the period from 1995 to 2011.

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