08 November 2022, 08:00
Kazakhstan and the European Union have concluded a Memorandum of Understanding on strategic partnership in the field of sustainable raw materials, batteries and green hydrogen value chains.
The document was signed by Prime Minister Alikhan Smailov and President of the European Commission Ursula von der Leyen on the margins of the Summit of World Leaders of the Global Climate Change Conference (COP27) in Egypt.
In his speech, the Prime Minister noted the importance of the new memorandum.
"The signing of the document will create conditions for the establishment of financial and technological cooperation between Kazakhstan and EU industrial alliances. In general, our country has all the necessary attractiveness factors for European business, including diversified energy sources and high transit-transport potential," Alikhan Smailov said.
He also added that the European Union remains one of Kazakhstan's largest and most significant trade partners, accounting for about 30% of the country's foreign trade.
"At the same time, today we see significant potential for building investment cooperation and increasing mutual trade," the Prime Minister stressed.
In her turn, Ursula von der Leyen said that the European Union is one of the biggest investors in the economy of Kazakhstan, and the Memorandum signed today would further expand these relations.
"In fact, we are opening a new chapter in our already deep relationship. The European Union and Kazakhstan have developed strong economic ties over the years. Together, we will work to strengthen the integration of our strategic production chains. This concerns the mining of rare earth elements, the production of batteries and green hydrogen," Ursula von der Leyen said.
According to her, these production chains are the engines of green and digital transformation around the world.
"We know, for example, how important batteries are for electric cars or renewable energy storage. Therefore, now is the right time to strengthen our cooperation," the European Commission President stressed, adding that the Memorandum of Understanding aimed at developing a long-term partnership.