Caspian Convention opens new economic opportunities for Kazakhstan

Caspian Convention opens new economic opportunities for Kazakhstan

The Convention on the Legal Status of the Caspian Sea opens new economic opportunities for Kazakhstan. Belarussian analyst Vitaliy Yurchenko believes that the document will promote the development of extractive industry and the capacity to build the light industry.

VITALIY YURCHENKO, BELARUSIAN BUSINESS ANALYST:

 - Kazakhstan has the coastlines line of almost 2,500 kilometers. Taking into account that the volumes of oil and gas extraction on the Caspian Sea are estimated at US$6.5 trillion, it’s a huge economic potential.

Meanwhile, Azerbaijani experts believe that the adopted Convention creates a favorable environment for the economic development of Kazakhstan and the entire region. According to the experts, the document can prompt the establishment of free economic zones and attract additional investments in the region. Analysts believe that the cooperation model established by the five Caspian states is a unique example of partnership because the Caspian littoral states are set to cooperate in almost all fields.

VUGAR BAIRAMOV, AZERBAIJANI ECONOMIST:

 - Determination of the Caspian Sea’s status has a historical significance not only due to the signing of the Convention, but also due to the economic dividends resulting from it. We can expect the increase in the volume of freight traffic across the Caspian Sea and the territories of the Caspian littoral states. In this regard, Kazakhstan and Azerbaijan will receive large dividends, because of their modernized transport infrastructures. They have more opportunities to handle the growing freight traffic.

AIDYN GUSSEYNOV, MEMBER OF AZERBAIJANI PARLIAMENT:

 -The agreement demonstrated that the countries can successfully reach an agreement by considering and respecting mutual interests. The convention will allow using frozen resources and building pipelines and communication networks. Most importantly, the Caspian Sea will be the safest reservoir.