Suma Chakrabarti, the president of the European Bank for Reconstruction and Development, addressed cooperation with Kazakhstan in a letter on Tuesday, prior to the June 12 Foreign Investors' Council meeting with Kazakhstan President Nursultan Nazarbayev.

The letter acknowledged the recent signing of a Memorandum of Understanding between the EBRD and Kazakhstan, the Astana Times reports.

According to Chakrabarti, the partnership could heavily impact the country's investments and economy.

The letter says that commodity-propelled growth will not be enough for countries to attain a higher and sustainable level of income. Improvements must be made to the business climate, corporate governance and industry.

Kazakhstan recently invited the EBRD to join the Partnership for Re-Energizing Reform in Kazakhstan. The Kazakhstan government set aside $2.7 million for co-investment and cooperation in the efforts, giving EBRD and other financial institutions the ability to increase investments in Kazakhstan, according to the Astana Times.

Chakrabarti said that the investment climate in Kazakhstan is improving and that the government is making efforts to increase the role of private industry in the country's economic development. It is also working to strengthen the banking sector, improve energy efficiency, increase regional development, and build small and medium-sized businesses.