Kazakh investors have invested $16.1 million in the economy of Turkmenistan, Senator Sergey Yershov announced during a Senate session, according to a report published on Thursday by Kazinform.

During the session, Kazakh lawmakers approved the law “On Ratification of the Agreement between the Government of the Republic of Kazakhstan and the Government of Turkmenistan on the Mutual Promotion and Protection of Investments.”

Senator Amangeldy Nugmanov noted that the agreement aims to ensure transparent and stable conditions for doing business, while also establishing clear guarantees and obligations to protect investors’ interests in both countries. For the first time, the agreement formalizes at the interstate level mechanisms to support investment processes across various sectors—from public to private.

Particular emphasis was placed on energy cooperation. Kazakhstan expressed readiness to participate in the development of Turkmenistan’s gas condensate fields and the expansion of pipeline infrastructure. In addition, a separate partnership agreement in the gas sector was signed between QazaqGaz and Turkmengaz.

In 2024, trade turnover between the two countries reached $555.7 million. Turkmenistan attracted $0.4 million in foreign direct investment from Kazakhstan. Among the promising areas of bilateral cooperation, the two sides identified transportation projects and joint initiatives in the repair and modernization of machinery.

In August of this year, Turkmenistan’s Balkan Province and Kazakhstan’s Mangystau Region backed an initiative to restore the five-day visa-free regime for residents of border areas.