Novak pointed to the strategic partnership between Russia and Kazakhstan

Russia remains the largest investor in the Kazakh economy. This was announced on June 20 by Russian Deputy Prime Minister Alexander Novak during a meeting with First Deputy Prime Minister of Kazakhstan Roman Sklyar at SPIEF 2025.

"Russia remains the largest investor in the Kazakh economy, with investment growth of 25% in 2024 compared to the level of 2023," the Russian Deputy Prime Minister said, as quoted on the government's website.

Novak noted that Russia considers Kazakhstan as its closest ally and strategic partner. He pointed out that trade and economic cooperation is developing between the two countries and joint projects in industry and energy are being implemented.

In addition, the parties discussed the terms of Russian oil and gas supplies to Kazakhstan.

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Kazakhstan's Ambassador to Russia, Dauren Abayev, said on June 18 that Kazakhstan was considering the possibility of working with Russia to develop critically important raw materials, including rare earth metals. He also expressed confidence in the potential for mutually beneficial development of these resources with the participation of companies from the two countries.