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World Bulletin/News Desk

Kazakh President Nursultan Nazarbayev addressed on Friday a Turkish-Kazakh Trade and Business Forum in Istanbul.

Nazarbayev said the trade volume between Turkey and his country stood at 4 billion USD which he said "does not fit with our close relations and brotherhood."

Nazarbayev said big Turkish companies have yet to make investments in Kazakhstan, adding they the Kazakh government was ready to provide 50 percent of the capital needed launch projects in his country.

"Economy is the foundation of all relations. If there is economy, there is politics and there is cooperation," Nazarbayev said.

Turkish President Abdullah Gul and his Kazakh counterpart Nursultan Nazarbayev on Friday also attended a flag hoisting ceremony at the Turkic Council building in Istanbul.

Speaking at the meeting, Gul said Turkey, Kazakhstan, Azerbaijan and Kyrgyzstan had signed the agreement which founded the Turkic Council in 2009, adding that the council members are determined to show solidarity on the basis of respect and equality.

On Friday's ceremony, members of the Turkish Council were hoisted at the council's General Secretariat headquarters in Istanbul.