Nicosia: Nicosia has assessed positively, both at the business and political levels, the first visit of a President of the Republic of Cyprus to Astana, highlighting the high-level reception accorded to President Nikos Christodoulides and his delegation.
According to Cyprus News Agency, the President of Kazakhstan was formerly a senior United Nations official, government sources said, emphasising the significance of Kassym-Jomart Tokayev's reference to respect for the sovereignty and territorial integrity of the Republic of Cyprus. Astana's positions, they added, have always been based on international law, partly due to Kazakhstan's own sensitivities regarding similar issues.
'We must be realistic', the same source remarked, regarding Kazakhstan's stance towards Turkey and any expectation that it might adopt a tougher position because of the Cyprus issue. Since March 2024, Cyprus - Kazakhstan relations have been steadily strengthening through frequent contacts, the opening of embassies in Nicosia and Astana, the President's visit, and the institutional framework for cooperation established through the memoranda signed between the two countries.
In a region where Cyprus was previously absent, momentum has now been created, the same sources stated, noting that such progress could not have been taken for granted until recently. It was also pointed out that the private meeting between the two Presidents lasted longer than originally scheduled.
Regarding the Caspian Middle Corridor, which was referenced by the President of Kazakhstan in his speech, government sources said that this concerns the maritime component of the project, for which no concrete developments have yet emerged. It was further noted that Kazakhstan is seeking European Union funding for infrastructure projects through investments from European funds, should the EU decide to proceed with such financing.
Nicosia considers particularly significant the proposal made by the President of Kazakhstan himself for the creation of a roadmap for economic cooperation between the two countries, to be implemented by their respective Ministries of Foreign Affairs. Competent government sources stated that Cyprus' diplomatic engagement in Kazakhstan, as well as in India last week, is helping to build stronger economic and trade relations.
Reference was made to the existing economic ties between the two countries, with sources noting that investments worth approximately US$5 billion are channelled into Kazakhstan through Cyprus. At the same time, interest has been expressed by the Kazakh side in investing in Cyprus in the fields of financial services, digitalisation and logistics, taking advantage of Kazakhstan's strategic role as a major trade and transit hub between Central Asia and Europe.
The two countries will also examine the possibility of signing an investment protection agreement. Investments by Kazakh businesses in Cyprus amount to nearly US$2 billion, the same sources added, primarily in financial services and logistics, particularly those linked to the use of ports.