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Nazarbayev signed law on mutual protection of investments with Austria

18 октября 2012, 18:30
Nursultan Nazarbayev. Photo by Danial Okassov©
Nursultan Nazarbayev. Photo by Danial Okassov©
Nursultan Nazarbayev has signed a law On ratification of the Agreement between the governments of Kazakhstan and Austria on promotion and mutual protection of investments, Tengrinews.kz reports citing the President’s press-service. The law will be published in the official media.

According to Kazakhstan Vice-Minister of Industry and New Technologies Albert Rau, the agreement between Kazakhstan and Austria is an important landmark in development of bilateral cooperation and creates good opportunities for boosting mutual investments. He also noted that the parties were interested in the soonest ratification of this document in relation to the coming visit of Nazarbayev to Austria.

According to the National Bank,gross inflow of direct foreign investments from Austria to Kazakhstan made $2.5 billion between 1995 and 2012. The investments fall mainly on the banking sector.

A list of the priority projects of economic cooperation between Kazakhstan and Austria has been made. It includes over 20 projects in processing industry, energy, agriculture, innovations, energy saving, technologies transfer and tourism.

Nursultan Nazarbayev will render an official visit to Austria on October 22-23.

Besides, the President signed a law On ratification of the Protocol on creation of the common insurance market for EurAsEC member-countries.

By Renat Tashkinbayev

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