Kazakhstan, Greece Pave the Way for Enhanced Economic Cooperation through Bilateral Talks

Astana, The Gulf Observer: In a significant diplomatic exchange, Ambassador Yerlan Baudarbek-Kozhatayev of Kazakhstan engaged in discussions with Konstantinos Hatzidakis, the Minister of Economy and Finance of Greece. The talks, held to explore avenues of bilateral cooperation in finance and tax administration, unfolded at the behest of the Kazakh foreign ministry.

Ambassador Baudarbek-Kozhatayev provided a comprehensive overview of the evolving trade and economic dynamics between Kazakhstan and Greece. Highlighting the establishment of the Kazakh-Hellenic Business Council, he emphasized the remarkable achievement of a record bilateral trade volume, soaring to 2.2 billion US dollars by the close of 2023.

Expressing the growing demand from business communities for streamlined tax procedures, Ambassador Baudarbek-Kozhatayev underscored the need to eliminate double taxation. He conveyed the positive impact of intensified business contacts between the two nations, fostering a desire for more efficient tax administration.

In response, Minister Hatzidakis affirmed Greece’s commitment to advancing bilateral relations by initiating negotiations for a comprehensive bilateral Convention. This convention aims to address the intricacies of double taxation and prevent tax evasion concerning income and capital.

Both parties acknowledged their shared status as parties to the OECD Multilateral Convention, facilitating the alignment of the proposed bilateral document with international standards. This alignment is expected to expedite the process of harmonization and enhance the effectiveness of the proposed convention.

Minister Hatzidakis expressed Greece’s keen interest in deepening political, economic, and commercial ties with Kazakhstan. Identifying agriculture, energy, and transport as priority sectors, he outlined Greece’s commitment to fostering collaboration in these crucial areas.

As the discussions concluded on a positive note, both Kazakhstan and Greece look forward to reinforcing their partnership and unlocking new opportunities for economic growth and collaboration. The commitment to addressing tax-related challenges reflects the shared dedication of both nations to creating a conducive environment for bilateral investments and fostering mutually beneficial economic ties.