Companies from the UAE are Interested in Expanding Relations with Kazakhstani Businesses
On March 17, an economic forum "Doing business with Kazakhstan" was held in Astana with the participation of a delegation from the UAE. More than 150 delegates took part in the event, organized by the Dubai Chamber of Commerce with the support of KAZAKH INVEST, AIFC, and QazTrade.
The UAE is one of Kazakhstan's most important partners in the Middle East. There are several intergovernmental agreements between the two countries aimed at deepening trade and economic cooperation, promoting and protecting investments.
The trade turnover between the countries increased by 66% in 2021 compared to 2020 and amounted to $709 million. In the first 9 months of 2022, this figure reached $558 million, of which Kazakhstani exports amounted to $519 million and imports to $39 million. The main exported goods from Kazakhstan are copper and copper cathodes, barley, lamb, and goat meat.
Opening the forum, the President and CEO of the Dubai Chamber of Commerce, Mohammad Lootah, called on businesses from both countries to further expand bilateral relations and mutual investments. According to him, 24 companies who arrived in Kazakhstan as part of the visit are ready to begin productive cooperation in implementing joint investment projects.
In turn, the Chairman of the Committee on Investments of the Ministry of Foreign Affairs of the Republic of Kazakhstan, Ardak Zebeshev, noted that there is great potential for expanding bilateral relations between the two countries, taking into account the document on cooperation in the implementation of strategic investment projects signed during the State Head's visit to the UAE in January of this year. He mentioned that since 2011, the gross inflow of direct investment from the UAE to Kazakhstan has amounted to about $2 billion, and currently, the pool of investment projects by UAE businesses in Kazakhstan consists of 25 projects totaling $5.3 billion.
Vice President of the Dubai Chamber of Commerce, Hassan Al Hashemi, spoke about investment opportunities in the UAE, inviting Kazakh companies to implement projects in Dubai.
Managing Director of "NC "KAZAKH INVEST" JSC, Azamat Kozhanov, presented on the topic "Investment opportunities in Kazakhstan", noting the high interest of Kazakhstani businesses in expanding relations in priority sectors of the Kazakhstani economy.
"For us, as a subsidiary organization of the Ministry of Foreign Affairs, strengthening mutually beneficial economic relations with the UAE is very important. At present, we are seeing the expansion of cooperation not only at the state level but also in the SME sector, as evidenced by the current visit of 24 companies from the UAE and increased interest from Kazakhstani companies. We believe that this practice will continue in the future. Already, through Dubai Chambers, we are working on three projects in the fields of ecology, agriculture, and healthcare," said Azamat Kozhanov.
During the forum, a panel session in the form of a question-and-answer session was also held, where forum participants received information on all their questions of interest.
After the main session, representatives of the business communities of the two countries held a number of bilateral meetings.
As part of the visit, the delegation from the UAE also plans to visit a number of Kazakh enterprises and hold meetings with government and private individuals.