UAE-Kazakhstan trade set to hit $300m

Trade exchange between the UAE and Kazakhstan is projected to rise to $300 million this year from $197m in last year, Askar Mussinov, Kazakhstan Ambassador to the UAE, said.

Mussinov said bilateral relations were bracing to scale new heights of progress and integration driven by the firm determination of the leaderships in the two friendly countries.

“The bonds between the UAE and Kazakhstan will see more progress in areas of economy and trade as the two countries will tap the available huge investment opportunities,'' the ambassador said while addressing an iftar banquet he hosted for the media community last night on the occasion of his country's Constitution Day which fell on 30th August.

The ambassador highlighted the significance of the day in the history of Kazakhstan and elaborated on Kazakhstan 2030 strategic plan for sustainable economic development.
Economically, he said despite the global economic crisis that hit the world over the last two years, Kazakhstan has managed to achieve positive economic growth, attracting more than $100 billion in foreign investment.

On the energy sector, he added Kazakhstan is expected to boost its oil output to 2.5 mbpd from just 1.3 mbpd.