ASTANA, October 30 (RIA Novosti) - Kazakhstan's president told Russia's prime minister on Thursday that under current plans, two-way investment between the countries will rise to $40 billion.

President Nursultan Nazarbayev met with Prime Minister Vladimir Putin on the sidelines of a meeting in Astana between the heads of government of Shanghai Cooperation Organization (SCO) member states, comprising Russia, China, and four Central Asian countries.

"The investment program between Kazakhstan and Russia will in the future reach $40 billion," Nazarbayev said.

Among major new cooperation deals between the countries, the Kazakh leader singled out a newly signed memorandum of interaction between Russian rail equipment manufacturer Transmashholding and Kazakh national rail company Temir Zholi, on building cargo and passenger railroad cars.

He also noted Russian mining and metals company Mechel's role in Kazakhstan, and mineral and chemical company Eurochem's fertilizer production in the Central Asian country as key projects.

Putin also highlighted progress in trade and cooperation between the countries.

Despite the ongoing financial crisis, "our interaction has been developing progressively. This year we reached new levels - trade is at around $14 billion, and growth this year has exceeded 28%. This is a very good result," he said.

"On the whole, we consider the cooperation prospects between Kazakhstan and Russia to be very positive," Putin said.

The SCO, widely seen as a counterweight to NATO's influence in Eurasia, comprises Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan. The group primarily addresses security issues, but has recently moved to embrace economic and energy projects.