Kazakhstan hopes investment after the signing of the Convention on the Caspian sea

© RIA Novosti / Alexei Nikolskiye in Photobacterium of Kazakhstan Nursultan Nazarbayev at the meeting of the heads of States participants of the fifth Caspian summit in Aktau. 12 Aug 2018Kazakhstan hopes investment after the signing of the Convention on the Caspian sea© RIA Novosti / Alexei Nikolskiye the image Bank

The presidents of the five littoral countries on Sunday signed the Convention on the legal status of the Caspian sea, Kazakhstan expects to receive as dividends new investments and expansion of cooperation with neighbors, the correspondent of RIA Novosti.

Following the signing of the Convention, the President of Kazakhstan Nursultan Nazarbayev said that «the Convention is a kind of Constitution of the Caspian sea». The document, in his opinion, aims to regulate the whole complex of issues related to the rights and obligations of coastal countries, and also become a guarantor of security, stability, and prosperity of the region as a whole.

A new page of cooperation

Earlier, foreign Minister of Kazakhstan Kairat Abdrakhmanov said in an interview with RIA Novosti that with the signing of the Convention will be open new page of mutually beneficial cooperation between the Caspian States, which will serve as a Foundation for the further development of the entire region.

«Over the years of negotiations we have reached an understanding on many difficult issues has established cooperation in all areas of cooperation, has acquired reliable partners and rich experience of constructive dialogue», — said Abdrakhmanov.

According to him, the establishment of a legal regime of international political, economic and cultural-humanitarian cooperation has been and remains a strategically important issue for Kazakhstan.

New status — new investments

Abdrakhmanov expressed confidence that the settlement of the status of the Caspian sea will contribute to the further progressive development of mutually beneficial cooperation between the riparian countries in critical sectors of the economy.

«I am confident that it will give a powerful impetus to the development of the entire Caspian region, will be the attraction for new investment flows and the implementation of joint projects in the priority sectors,» said Minister of foreign Affairs of Kazakhstan in an interview.

Today in the region are already implementing major joint projects in the oil and gas industry.

Hope for the best

Opening Sunday meeting of leaders of five Caspian littoral States, Kazakhstan’s President said that the indicators of bilateral trade is far from ideal. According to Nazarbayev, should regularly conduct consultations between the economy Ministers of the riparian countries to expand the range of goods supplied to each other. There is this issue and hope adopted Sunday by the presidents of the document.

«We need to make full use of the opportunities of the Convention and of the documents signed to promote trade and economic relations of the littoral States», — said Nazarbayev.

In accordance with the Convention, the main area of the water surface of the Caspian sea remains in the common use of the sides and the bottom and the subsoil are divided neighbouring States on areas of agreement between them on the basis of international law.

Shipping, fishing, scientific research and the laying of pipelines is carried out according to agreed rules. When implementing a large-scale Maritime projects must include an environmental factor.

The Convention fixes the position to prevent the presence in the Caspian sea of the armed forces of extraregional powers, defines five Caspian States are responsible for maintaining safety at sea and the management of its resources.

Kazakhstan hopes investment after the signing of the Convention on the Caspian sea© RIA Novosti, Integrationalism sea