Kazakhstan and Great Britain discussed issues of cooperation in the post-coronavirus period
The development of trade and economic cooperation and investment opportunities were discussed during Kazakhstan Global Investment Forum 2020 organized online concurrently in Nur-Sultan and London.
The Kazakh delegation was headed by the Minister of Foreign Affairs of the Republic of Kazakhstan, Mukhtar Tleuberdi.
The forum was attended by over 500 heads of the government agencies, quasi-government organizations and companies representing various sectors, such as manufacturing, agribusiness, chemistry, mining, financial sectors as well as metallurgy, alternative energy, logistics and digital technologies.
During the forum, participants discussed a wide range of issues on economic development in the post-COVID period, business and investments in Kazakhstan as well as state assets privatisation. At the same time, during the parallel online sessions, the participants touched upon the development of financial services, mining, digitalization and technology sector in Kazakhstan.
At the same time, during his speech at the panel session "Kazakhstan's role in the post-COVID world and relations with the UK", the Deputy Foreign Minister of Kazakhstan Almas Aidarov noted that the President Kassym-Jomart Tokayev in his Address clearly outlined additional measures and priorities for the implementation of investment policy. In particular, he announced the introduction of a new instrument - a strategic investment contract: “ we see the United Kingdom as a strategic partner. The new Strategic Cooperation Agreement will give a framework for further development of mutually beneficial relations. If we look at the aggregate FDI inflows to Kazakhstan since 2005, UK is among TOP-10. In fact, the FDI inflows during the first half of 2020 make UK a number 5 Top-investor in Kazakhstan’s economy with $461 billion of FDI. Our main goal is to maintain the annual level of investment from the UK at a level of at least $700-800 million", - said Almas Aydarov.
In turn, the CEO of KAZAKH INVEST Baurzhan Sartbayev said that Kazakhstan offered new opportunities for international business.
“During today’s challenging times provision of all the required support to investors is our utmost priority. We strongly believe that our natural advantages as well as public institutions and investment climate formed in Kazakhstan over the past decades will ensure a stable long-term result and mitigate the effects of the crisis. In Kazakhstan, you will find comprehensive support for successful implementation of business initiatives and investment opportunities. And KAZAKH INVEST has the honor to become your reliable partner on your road to success,” - stressed Baurzhan Sartbayev.
The UK Trade Envoy to Kazakhstan, Baroness Emma Nicholson, noted that Kazakhstan and the United Kingdom have great opportunities to implement joint projects in the fields of renewable energy, mining and metallurgy, agribusiness and healthcare. According to the speaker, Great Britain has capabilities to provide financing and introduce the latest technologies to these industries.
“We share a common interest to both build back better. There are many opportunities for investors in Kazakhstan to help achieve that and many ways that the United Kingdom can help Kazakhstan attract it”, - added Baroness Emma Nicholson.
During the forum, the Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Almas Aidarov held bilateral meetings with the leadership of large British companies in the fields of energy, infrastructure and construction, mining and metallurgy and machinery building.
Thus, the negotiations with Independent Power Corporation covered the issues on the company's participation in the implementation of the Caspian Digital Hub investment project.
ERG International Group is interested in the implementation of infrastructure projects in Mangystau region. In particular, there are plans to implement a project for the construction of a desalination plant with a capacity of 50 thousand cubic meters of drinking water per day.
As a result of the discussions between the Ministry of Ecology, Geology and Natural Resources of the Republic of Kazakhstan and ERG International UK LTD, the parties signed a memorandum of cooperation for the implementation of water management and infrastructure projects.
During the negotiations with Ferro-Alloy Resources, the parties discussed a project for development of a large vanadium deposit Bala-Sauskandyk located in Kyzylorda region.
At the bilateral meeting with the British company Weir Group, the parties discussed an investment project "Localization of the production of equipment for the mining, engineering, oil and gas and other industries" on the territory of the Industrial Zone in Almaty.
It is worth noting that since independence, the UK has been an important political and economic partner of Kazakhstan.
Today, Great Britain is one of the top-5 key trade and investment partners of Kazakhstan. Between 2005 and the 1st half of 2020, the volume of British investments in the economy of Kazakhstan amounted to $ 14.1 billion. In general, more than 500 companies with the participation of British capital operate in Kazakhstan, including such enterprises as Royal Dutch Shell, Ernst & Young, BG, Shell, BAE Systems and others.
