Vladimir Putin’s visit is a milestone in the Kazakhstan-Russia bilateral relations’ chronicles, President Kassym-Jomart Tokayev said, Kazinform News Agency cites the Akorda press service.

The Head of State noted that President Putin arrived in Kazakhstan on the eve of the 10th anniversary of signing of the Treaty on good neighborliness and alliance in the 21sy century which was inked on November 2013 in Yekaterinburg.

According to President Tokayev, the document is an important legal framework outlining the horizons of strengthening of bilateral ties. He also added that the visit is of paramount political and historic importance.

Having stressed that the two nations are connected by the solid ties of friendship and good neighbor relations, the Kazakh leader praised successful development of Kazakhstan-Russia relations in all spheres.

In the past three years, in his words, the trade turnover has increased by more than 30%. The two-way trade totaled a record-breaking $17 billion in 8 months of the current year. Russia’s direct investments in the Kazakh economy have exceeded $20 billion, with $3.5 billion invested in the last two years alone.

President Tokayev went on to praise the robust development of bilateral cooperation in oil and gas sector.

He also expressed confidence that a package of documents and business contracts signed on the margins of the 19th Interregional Cooperation Forum in Kostanay will help unlock potential of numerous sectors of Kazakhstan and Russia’s economies.