By ASTANA. Nov 8 (Interfax) – Kazakhstan and the European Union have signed a Memorandum of Understanding establishing a partnership between the EU and Kazakhstan, the press service of the European Commission (EC) said in a press release on Monday.
The document was signed by the European Commission President Ursula von der Leyen and Kazakh Prime Minister Alikhan Smailov on the sidelines of the COP27 Climate Change Conference in Sharm el-Sheikh, Egypt.
The agreement aims to ensure the development of a secure and sustainable supply of raw materials and refined materials. It also aims to develop renewable hydrogen and battery value chains, to boost the green and digital transformation of both sides’ economies, according to the press release.
The partnership is centered around three areas of collaboration: closer economic and industrial integration in the strategic value chains of raw materials, batteries and renewable hydrogen; increasing the resilience of raw material, battery and renewable hydrogen supply chains; and closer bilateral cooperation on capacity-building, skills and research and innovation on topics.
"This partnership with Kazakhstan shows Europe’s commitment to work with partner countries on our shared commitments to a greener and more resilient future in line with the Global Gateway Strategy and the objectives of the REPowerEU Plan," President of the Commission Ursula von der Leyen is quoted as saying during the signing ceremony.
The European Union and Kazakhstan have developed strong economic ties over the years, according to the EC President.
"The European Union is by far the largest foreign investor in Kazakhstan, with 60% of the stock of foreign direct investment. The Memorandum of Understanding we have just signed will now further expand this relationship and align it with the shared priorities of both parties," she said.
The Memorandum is also aimed at creating conditions for establishment of financial and technical cooperation between Kazakhstan and the EU industrial alliances, said Kazakh Prime Minister Alikhan Smailov, whose words are quoted in a press release issued by his press service on Monday.
"Our country has all conditions that make us attractive for European businesses, including diversified energy sources and high transit and transport potential," Smailov said.
The European Union remains one of the largest and most significant trade partners of Kazakhstan, and the trade volume with the EU accounts for about 30% of the republic’s foreign trade turnover, according to the prime minister.
"At the same time, today we can see significant potential for enhancing our investment cooperation and increasing the mutual trade," Smailov said.
