The parties discussed the current state of bilateral cooperation and the prospects for its further development, including in the transport and logistics sector.

Particular attention during the meeting was given to the implementation of a joint dredging project in the ports of Kazakhstan and Azerbaijan. The importance of this project for maintaining port infrastructure capacity and further developing trade relations between the two countries was emphasized.

During the discussion, the parties reviewed the results achieved to date and the key objectives of the project. In particular, as noted by Nurlan Zhakupov, the main terms for the joint implementation of the project have been agreed between the Fund’s subsidiary, Samruk-Kazyna Invest LLP, and Azerbaijan’s state holding AZCON. In addition, a Shareholders’ Agreement was signed during the meeting, formalizing the terms of cooperation between the parties.

As priority tasks for the near term, the parties identified the establishment of a joint venture between Samruk-Kazyna Invest LLP and AZCON at the AIFC platform, as well as the conclusion of a contract for the supply of key equipment, which will enable dredging works in Azerbaijan to commence as early as 2027.

The public legal entity “Azerbaijan Transport and Communications Holding (AZCON)” was established by a Decree of the President of the Republic of Azerbaijan dated November 7, 2024.

AZCON’s main objectives include managing state-owned enterprises, business entities, and public legal entities with state participation transferred under its control in accordance with modern corporate governance principles, improving their performance, and enhancing their competitiveness and financial sustainability.