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Romania - Kazakhstan cooperation protocol to expedite investments, develop bilateral trade
The Romania - Kazakhstan joint intergovernmental committee on economic cooperation signed a cooperation protocol which envisages, among others, the acceleration of investments and bilateral trade, Energy Minister Sebastian Burduja announced on Friday.
The document was signed by the two Energy Ministers, Sebastian Burduja and Almassadam Satkaliyev.
Burduja told a press conference at the Victoria Palace of Government that Romania - Kazakhstan bilateral trade reached 2.8 billion dollars in the first 11 months of 2023, but Romania's exports account for a rather modest 112 million dollars of this amount, despite having doubled compared to 2022.
"This is why we are interested in diversifying trade and investments, and we have found openness on the part of our Kazakh partners. In terms of energy, you know of course that Kazakhstan's most important investment is that in Rompetrol, where KazMunayGaz is the majority shareholder, and we approached several topics related to Rompetrol. We asked Minister Satkaliyev and his colleagues to expedite Rompetrol investments in Romania from the Romanian-Kazakh Investment Fund, including in green energy, and also to observe the strictest work security and safety standards, following investment plans and maintenance. As regards the nuclear field, Romania's Nuclearelectrica has a very close relationship with partners in Kazakhstan. It is probably the most important uranium producer and amid the ongoing Romanian civil nuclear program, it is very important that we have uranium reserves to rely on," said the Romanian energy minister.
The cooperation protocol also provides for transport cooperation, so that Romania and Kazakhstan will work together to connect the Caspian Sea to the Black Sea region. Companies from both countries will engage in developing the full potential of the Trans-Caspian International Transport Corridor, integrating the modal and logistics transport infrastructure. In this regard, a memorandum of understanding was signed on January 31, 2024 between the Romanian Ministry of Transport and Infrastructure and the Kazakh Ministry of Transport, which sets forth a concrete plan of action and a calendar for strengthening transport links.