Energy field - key driver of economic co-op with Italy, says Kazakh president

Energy field - key driver of economic co-op with Italy, says Kazakh president
# 19 January 2024 05:12 (UTC +04:00)

The energy sector stands out as a key driver of economic cooperation between Kazakhstan and Italy, President of Kazakhstan Kassym-Jomart Tokayev said, as he addressed Italian businessmen, APA reports.

"Over 80 percent of Kazakhstan's oil finds its way to Europe, satisfying about 10 percent of the EU's demands. I want to express appreciation to Italy - a longstanding and trustworthy energy partner for Kazakhstan," he said.

President Tokayev also noted the contributions made by the flagship Eni to Kazakhstan's economy.

"Kazakhstan offers vast opportunities in oil and gas exploration. We are adopting the best global practices to uncover significant reserves. Additionally, we extend an invitation to Italian companies to engage in the service and maintenance of the oil and gas industry," the president added.

Tokayev updated Italian entrepreneurs on forthcoming practical and legislative measures designed to boost the influx of foreign direct investments into the country's economy.

"We have identified and removed unnecessary demands on businesses to foster a more flexible and investor-friendly environment. We have recently set up an Investment Council, equipped with extensive powers to streamline decision-making and provide comprehensive state support for investment projects," he highlighted.

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