/Kazakhstan Global Investment Roundtable highlights country’s potential.

Kazakhstan Global Investment Roundtable highlights country’s potential.

A high level trade delegation from the UAE participated in the Kazakhstan Global Investment Roundtable (KGIR) hosted by the Government of Republic of Kazakhstan from July 3rd to 5th, 2018 as part of the celebration of its capital Astana's 20th anniversary and the opening of the Astana International Financial Centre (AIFC).

The anniversary marks the emergence of Astana as a vibrant new capital symbolising the ambition and potential of a dynamic young country that is playing a key role in the realisation of 'Belt and Way' project linking the European and East Asian economies.

The rapid expansion and advancement of the country's business environment and the key importance of investment and international participation in its next stages of development was also highlighted by the KGIR as a platform for discussion on the exciting potential offered by Kazakhstan's economic growth and congenial business environment.

Dr. Mohammed Ahmad Al Jaber, the UAE Ambassador to Kazakhstan, said, "The participation of a trade delegation from the UAE in the Kazakhstan Global Investment Roundtable coincides with the historic visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the accompanying high-level delegation to Kazakhstan to ensure the UAE business community's presence in KGIR and Astana's 20th anniversary celebration. This participation reflects the strong momentum witnessed by the UAE-Kazakhstan relations and our mutual desire to strengthen our bilateral cooperation across various fields in line with the directives of the UAE's wise leadership."

Kairat Lama Sharif, the Ambassador of Kazakhstan in the UAE, said, "Events such as the KGIR offer an invaluable forum for international investors to learn about the rich range of opportunities offered by Kazakhstan as a country committed to rapid development and seeking to deepen ties with valued international partners."

He added, "Kazakhstan is keen to explore new avenues of trade and investment cooperation with the UAE which is one of our leading foreign trade and investment partners in the Middle East. The value of trade between our countries has surged to US$643 million in 2017, representing a 72 per cent growth. The Government of Kazakhstan spares no effort to improve the country's investment climate and boost the confidence of international investors, businessmen and companies in the country's economy that has set a role model for other regional economies."

"The UAE and Kazakhstan have signed several agreements aimed at fostering bilateral partnerships and cooperation, including the Investment Promotion and Protection Agreement signed on 24 March 2018. In addition to protecting investments between both sides, this agreement will further deepen the outstanding trade and investment ties between the UAE and Kazakhstan," Ambassador Sharif continued.

He also revealed that both the UAE and Kazakhstan are implementing several joint ventures especially in petrochemicals and value added products including a project to produce polypropylene. This project will allow Kazakhstan to meet the growing demand for polymers and become a leading producer worldwide.

For his part, Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), said, "UAEIIC's participation in the celebration of Astana's 20th anniversary is aligned with the Council's continued drive to explore safe investment opportunities abroad and support the UAE companies seeking opportunities for global expansion. This support is crucial in strengthening the UAE's status on the global investment map."

He added, "UAEIIC continues to coordinate with our international investors to help them direct their investments to sectors that can benefit our national economy and contribute to improved investment, economic and trade ties between the UAE and brotherly and friendly countries. This will, in turn, enhance the competitiveness of the UAE investments abroad and support the country's economic diversification."

An invitation-only event, convened by Kazakhstan Prime Minister Bakytzhan Sagintayev, the KGIR featured an intimate gathering of around 500 senior international and Kazakh business and financial executives, investors, technologists and thought leaders, government economic officials.

The summit sessions explored new developments in the country's business environment and future objectives, identified specific projects capitalising on the massive logistics infrastructure build-out germinating from "New Silk Road" and other regional initiatives, and offered a detailed overview of the government's new investment strategy underscored by President Nazarbayev's Modernisation 3.0 policy platform and the expected business opportunities.

"Over the course of their successful 25-year relationship, the UAE and Kazakhstan share the same objective of peaceful and mutually beneficial cooperation, reflecting their status as a mature and strong states with deep mutual interests in seeking lasting solutions to international and regional problems and enhancing multifaceted bilateral cooperation across a broad range of sectors", added Sharif.

United by similar or converging positions on major global and regional issues, Kazakhstan and the UAE collaborate on several multilateral platforms that include the UN, OIC, CICA and others, and closely coordinate their actions to resolve the pressing problems of the international agenda.

Source: UAE Ministry of Foreign Affairs