UAE MoF Undersecretary meets Kazakhstan’s Vice Minister for Investment and Development and signs agreement on the protection and promotion of investment

HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF) received Yerlan Khairov, Kazakhstan’s Vice Minister for Investment and Development and Kairat Lama Sharif, Ambassador of Kazakhstan to the UAE at MoF’s premises in Abu Dhabi; in the presence of Majid Ali Omran, Director of International Financial Relations Department. The meeting aimed to sign an initial agreement on the protection and promotion of investment between the two parties.

During the meeting, both parties discussed the economic relations and cooperation between UAE and Kazakhstan as well as the latest updates in renewable energy, nuclear energy, space and reducing oil dependency as a source for energy and the health and education sector.

Commenting on the meeting, HE Younis Haji Al Khoori said: “We are pleased to sign an initial agreement on the protection and promotion of investment with Kazakhstan. The agreement strengthens the economic cooperation between UAE and Kazakhstan, supports the intra-regional trade and foreign investment, which contributes in achieving development goals for both parties. The agreement represents a step further towards enhancing international relations, and an important addition to the avoidance of double taxation agreement on income which took effect in November 2013”.

Both parties discussed a number of topics, particularly UAE’s strategic vision and the latest negotiations with regards to the agreement on the protection and promotion of investment. MoF invited Kazakhstan to attend a technologies applied to financial services session ‘FinTech’ which will be held during the World Government Summit in February.

The initial agreement on the protection and promotion of investment came as part of the fifth negotiations last July in Abu Dhabi with this regard, based on the result of the sixth session of the joint committee with Kazakhstan held in May 2016 in the capital of Kazakhstan.