Germany looking into ways of entering Kazakh green energy market
According to Robert Säverin, spokesman for the Federal Ministry of Economic Affairs and Climate Action, Germany sees significant potential in cooperation with Kazakhstan in the area of green energy, Azernews reports.
"Experts confirm Kazakhstan’s favorable production conditions for green hydrogen, as well as wind energy. High solar radiation and sufficient land availability also provide for successful development of renewables in the country," he said.
According to Säverin, Kazakhstan and Germany signed agreements on November 7, 2022, to deepen and intensify economic cooperation in the field of critical raw materials and hydrogen. And first projects for implementation have already started.
"For example, SVEWIND, a privately owned group of companies in the renewable energy industry from Germany, is planning a first large-scale project in the western Kazakh region of Mangystau. The investment agreement was signed in October 2022," the spokesperson said.
He added that German-Kazakh economic relations are characterized by German imports of raw materials, especially oil, and by German exports, especially capital goods, vehicles and pharmaceutical products.
Meanwhile, the volume of directs German investments in Kazakhstan's economy grew by 25 percent and exceeded $320 million in 2021. The total value of investments from Germany to Kazakhstan during the previous 17 years exceeded 5 billion euros.
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