Kazakhstan Ambassador stresses depth of historical relations with UAE

NUR SULTAN, June 4 (KAZINFORM) - Madiyar Menilbekov, Ambassador of the Republic of Kazakhstan to the United Arab Emirates, stressed the depth of the historical relations between the two countries, praising the levels of cooperation and strategic ties that unite the UAE and Kazakhstan. He also stressed the convergence of economic and development visions in the two friendly countries, WAM reports. During the «Kazakhstan and UAE Investment Forum» forum organised by «Eurasia» in Dubai, the Kazakh ambassador praised the supportive and stimulating role played by the UAE in its relations with Kazakhstan, in all fields, and described the level of relations between the two countries as excellent, rapidly developing, balanced and beneficial to both sides. He praised the efforts of Emirati businessmen in supporting and strengthening economic relations and pushing them to more great successes. The Kazakh ambassador revealed the signing of 17 agreements for the implementation of investment projects in Kazakhstan totaling about $2.2 billion between the two countries, in the fields of agriculture, industry, mining, tourism, finance and energy, pointing out that direct flights from Abu Dhabi to Nur-Sultan and Almaty with Low-cost airline Wizz Air, mid-May. He added, «The total flow of investments from the UAE to Kazakhstan from 2005 to 2020 amounted to US$2.4 billion, while the total return on direct investment amounted to US$1 billion, while the volume of trade exchange between Kazakhstan and the UAE in 2020 amounted to US$474.4 million. Despite the negative impact of the epidemic on this indicator, there is an increase in demand for a number of domestic goods, for example, local mutton exports to the UAE increased 2.5 times and amounted to 567 tons. For his part, Essa Al Ghurair, Chairman of the Issa Al Ghurair Investment L.LC., and Najeeb Al-Khoury, Chairman of the Board of Directors of Mirak Group, who participated in the forum's activities, praised the positive results and success of their investment activity in Kazakhstan, describing the investment environment there as pioneering and beneficial opportunities in the medium and long term. At the same time, they praised the great development that Kazakhstan is witnessing and the efforts of the Kazakh government to achieve a comprehensive renaissance within the framework of a distinguished development model that places among its priorities the promotion of investment in building human capabilities and consolidating a strong base for launching into the future and achieving excellence and leadership and called for more areas of cooperation between businessmen in the country. The Emirates and their counterparts in Kazakhstan, ensure the exchange of experiences and the organization of joint events. Ilyas Madimov, Director of Kazakh investment in the UAE, explained during the seminar, which was moderated by Aiman Yeskarayeva, Vice President of Eurasia, investment opportunities in Kazakhstan and trade relations between Kazakhstan and the United Arab Emirates. He stressed the advantage of the abundance of cheap energy in Kazakhstan, and said, «Kazakhstan is on the right track to expand its electricity production with the government's plan to achieve an annual surplus of 5 million kilowatt-hours in the next seven years.« Madimov listed the investment incentives provided by his country, through the presence of 13 special economic zones and 24 industrial zones, noting that there are simplified procedures for hiring foreign workers, and more than 20 financial institutions with government participation to finance priority sectors in Kazakhstan, including the Kazakh Investment Development Fund (capital financing of investment projects with foreign participation, and the Development Bank of Kazakhstan), stressing Availability of opportunities to obtain financing from international financial institutions working with Kazakhstan, allowing ownership with 100 percent foreign participation. On the trade sector, the Kazakh Investment Director said that the agro-industrial complex is one of the most important strategic sectors in Kazakhstan's economy, as it includes 1.210 million hectares of agricultural land (world number 2 in terms of per capita arable land), including 180 million hectares are allocated to pastures. He identified the advantages of a foreign investment presence in Kazakhstan through access to the main markets in the world (China, the Russian Federation, the Middle East and Southeast Asia), comprehensive support from the government, through the provision of various incentives and subsidies, a business-friendly environment, protection of investor rights, and also a social impact. It has a large and skilled workforce, with 20 percent of the population working in agriculture and food production. He outlined the most prominent investment sectors, including tourism, exploration and mining, the petrochemical industry, agriculture, and clean energy. For his part, Nawar Abdul Wahed, CEO of Eurasia, reviewed the importance of trade and economic relations between the countries of the Gulf region and the countries of Eastern Europe and Central Asia, and the advantages that can benefit everyone by promoting, consolidating, and increasing investments and trade exchange between them.