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22 February 2024

UAE-Kazakh joint investments cross $3bn

By Wam

Aggregate joint investment between the UAE and Kazakhstan crossed $3 billion last year, the Deputy Prime Minister of Republic of Kazakhstan, and Minister of Industry and New Technologies, AO Issekeshev said on Sunday.

He told a press conference he held to announce the details of the 7th World Islamic Economic Forum (WISF) to be held in Astana from June 7-9 that relations between the two friendly countries were getting more stronger and deeper.

He expected trade exchange to see phenomenal growth after the completion of the Kazakhstan-Iran railway which will bring more wheat and livestock imports to the UAE market.

He acknowledged the vital role major UAE companies are playing in the development of his country. Aldar Properties is building an 88 storey tower at a total cost of $1 billion while Mubadala Oil and Gas, a business unit within Mubadala Development Company is developing one of the largest oil fields in the country.

''Kazakhstan will produce over 150 million tonnes of oil and gas a year,'' he added.

He said the annual holding of World Islamic Economic Forum is a significantly important event for Islamic countries as well for other countries. For Kazakhstan it obtains a particular meaning in light of its chairmanship at the Organization of Islamic Conference and also under activated implementation of the state program on forced industrial and innovation development of Kazakhstan for 2010-2014.

In this regard, he noted ''it is necessary to point out that our country is the first one in the region of CIS where the global WIEF takes place.

This Forum should continue to be a strongest business platform for OIC member countries and it targets wide and representative discussions on economic and geopolitical advancement of Muslim countries, their role in world economy, perspectives of opening new markets, getting assistance on attracting funds of large investors into their economies.

During the Forum participants have excellent opportunities to discuss different and business-oriented issues of further effective cooperation, especially, taking into account that most of OIC member countries have significantly strengthened their economic capacity.

''Kazakhstan wishes to see Muslim countries as potential partners with economic, political and cultural perspectives, insha Allah. We have reached good relations of mutual understanding and collaboration that could be filled with active economic partnerships. Kazakhstan has such sustainable trade and investment relations with 42 OIC member countries, preferably, in 4 fields - exports-imports, transport, tourism and finance.

The general trade turnover was increased by 9.5 times - from $1.1bn in 2000 up to $10.5bn in 2008. In this regard main trade partners are neighbouring Muslim countries such as Turkey ($2.9bn), Iran ($2.1bn) and Uzbekistan ($1.8bn) as of the end of 2008.

However, total external trade of the country with OIC composes about 10 per cent. We hope that in result of the Kazakhstan chairmanship in OIC in 2011-2012 this figure would certainly grow.

''In frames of the 7th WIEF we are planning to set up as a top-priority issues of effective brotherly interaction with Muslim world and coordination of it with other international communities, especially, within OSCE (Organization of Security and Cooperation in Europe), OEC (Organization of Economic Cooperation), CIS (Commonwealth of Independent States) etc,'' he added.

7th WIEF would enlighten basic economic and social momentums including entrepreneurship as a key factor of economic growth.

Countries in Focus session would show possibilities of doing business, trading and investing in selected countries of OIC. Parallel sessions shall open issues of Islamic banking and finance, infrastructure development, SMEs, halal ecosystem, renewable energy and food security.

More than 150 well-known local and foreign speakers would be invited for participation in the Forum activities. It is expected that leading experts in all related areas would interact jointly with government bodies, agencies and corporate entities of the Republic of Kazakhstan He hoped that the 7th WIEF would become a most successful business event of the year and would achieve main targets on deepening multi-side cooperation among all its participants and further globalization of sustainable economic growth trends.