NUR SULTAN, Kazakhstan, June 3, 2021 (WAM) – Madiyar Menilbekov, Ambassador of the Republic of Kazakhstan to the United Arab Emirates, underlined the depth of historic relations between the two countries, praising the levels of cooperation and the strategic ties that unite the United Arab Emirates and Kazakhstan.
He also underlined the convergence of the economic and development visions of the two friendly countries.
During the “Kazakhstan and UAE Investment Forum” organized by “Eurasia” in Dubai, the Kazakh ambassador praised the supporting and stimulating role played by the United Arab Emirates in its relations with Kazakhstan, in all fields, and described the level of relations between the two countries as excellent, rapidly developing, balanced and mutually beneficial.
He praised the efforts of Emirati businessmen to support and strengthen economic relations and push them to greater success.
The Kazakh ambassador revealed the signing of 17 agreements for the implementation of investment projects in Kazakhstan totaling approximately $ 2.2 billion between the two countries, in the fields of agriculture, industry, mining, tourism, finance and energy, pointing out that the direct flights from Abu Dhabi to Nur-Sultan and Almaty with the low-cost company Wizz Air, in mid-May.
He added, “The total flow of investments from UAE to Kazakhstan from 2005 to 2020 was US $ 2.4 billion, while the total return on direct investment was US $ 1 billion. , while the trade volume between Kazakhstan and the United Arab Emirates in 2020 amounted to $ 474.4 million.
Despite the negative impact of the epidemic on this indicator, there is an increase in demand for a number of domestic products, for example, local sheep exports to the United Arab Emirates have increased 2.5 times and amounted to 567 tonnes.
For his part, Essa Al Ghurair, Chairman of Issa Al Ghurair Investment L.LC., and Najeeb Al-Khoury, Chairman of the Board of Directors of Mirak Group, who participated in the activities of the forum, welcomed the positive results and the success of their investment activity in Kazakhstan, describing the investment environment there as pioneering and beneficial opportunities in the medium and long term.
At the same time, they praised the great development that Kazakhstan is experiencing and the efforts of the Kazakh government to achieve a global renaissance within the framework of a distinguished development model which places among its priorities the promotion of investment in the human capacity building and consolidation of a solid base to embark on the future and achieve excellence and leadership and called for more areas of cooperation among businessmen in the country. The Emirates and their counterparts in Kazakhstan ensure the exchange of experiences and the organization of joint events.
Ilyas Madimov, Director of Kazakh Investments in the United Arab Emirates, explained during the seminar, which was moderated by Aiman Yeskarayeva, Vice President of Eurasia, investment opportunities in Kazakhstan and trade relations between Kazakhstan and the United Arab Emirates.
He highlighted the advantage of the abundance of cheap energy in Kazakhstan and said: “Kazakhstan is on track to increase its electricity production with the government’s plan to achieve an annual surplus of 5 million. kilowatt-hours over the next seven years.
Madimov listed the investment incentives offered by his country, through the presence of 13 special economic zones and 24 industrial zones, noting that there are simplified procedures for hiring foreign workers, and more than 20 financial institutions with the participation of the government to finance priority sectors in Kazakhstan, including the Kazakhstan Investment Development Fund (capital financing of investment projects with foreign participation and the Development Bank of Kazakhstan), highlighting the availability of opportunities for obtain financing from international financial institutions working with Kazakhstan, allowing a property with 100% foreign participation.
Regarding the commercial sector, the Kazakh investment director said that the agro-industrial complex is one of the most important strategic sectors of the Kazakh economy, as it includes 1.210 million hectares of agricultural land (world number 2 in terms of arable land per capita), of which 180 million hectares are allocated to pasture.
He identified the benefits of a foreign investment presence in Kazakhstan through access to major world markets (China, Russian Federation, Middle East and Southeast Asia), comprehensive government support, to through the provision of various incentives and subsidies, a favorable business environment, protection of investor rights and also social impact. It has a large and skilled workforce, with 20 percent of the population working in agriculture and food production.
He described the most important investment sectors, including tourism, exploration and mining, the petrochemical industry, agriculture and clean energy.
For his part, Nawar Abdul Wahed, CEO of Eurasia, recalled the importance of trade and economic relations between the countries of the Gulf region and the countries of Eastern Europe and Central Asia, and the advantages that can benefit everyone by promoting, consolidating and increasing investment and trade between them.