The foreign trade turnover between Aktubinsk Region of Kazakhstan and Azerbaijan has grown seven times, Azernews reports, citing the local media.

A meeting was held between Governor of Mangistau Region Yeraly Togzhanov, and the acting head of the Consulate General of Azerbaijan in Aktau, Elchin Mammadov.

At the meeting, the possibilities of developing economic relations between Aktubinsk and Azerbaijan were discussed and noted that economic relations are developing at a good pace.

They noted that foreign trade turnover for January-December 2022 amounted to $28.6 million, or 7 times higher compared to 2021.

Yeraly Togzhanov mentioned that Aktubinsk Region has close relations with many foreign countries and strengthening ties with Azerbaijan is of particular importance for Kazakhstan.

“During the meeting of Azerbaijani President Ilham Aliyev and Kazakh President Kassym-Jomart Tokayev, issues on the development of transport and logistics infrastructure were discussed. There are great prospects for the investment sector,” he added.

Speaking about the relationship between Azerbaijan and Kazakhstan, Azerbaijan’s acting consulate noted that the main goal is to develop various connections, including in the business environment, and emphasized that the meeting today will help strengthen bilateral relations.

In the end, Yeraly Togzhanov presented the economic potential of the region and said that the region is a major transport and logistics hub of the country.

“Over the past five years, we have attracted over $6bn dollars to the regional economy. Some 25% of these investments were foreign direct investments. There are 1,100 foreign enterprises, operating in the region, including many transnational companies, which indicates a high level of trust on the part of business,” Eraly Togjanov said.

In the Aktobe region about 1,300 Azerbaijanis live, and the national center of the NGO Association of Azerbaijanis operates. The Association of Azerbaijanis contributes to the revival of the Azerbaijani national culture, native language, history, traditions, and customs.