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Jeddah - Yasmine El Tohamy - RIYADH: Kazakhstan has planned to boost its trade exchange with the UAE to $1 billion from $632 million recorded last year, according to a senior government official.
Speaking to the Emirates News Agency, or WAM, Kazakhstani Trade and Integration Minister Arman Shakkaliyev said both countries have discussed investment objectives to boost bilateral trade relations.
“We discussed investment in environmental, social and governance and climate change agenda, and as a representative of Kazakhstan, I showed our plans about new trade roads from the Caspian Sea to Abu Dhabi and Dubai ports in the UAE,” Shakkaliyev told WAM on the sidelines of the eighth investment forum of the UN conference on trade and development held in Abu Dhabi.
He added: “It is very important that a new road connects Central Asia as an agricultural hub and gives us new challenges to open regional markets. I think that this type of event gives us a clear understanding of what conditions under which the government invites investors.”
Shakkaliyev further explained that the country is poised to attract investments and boost its economic position as a critical direction of its investment policy.
This policy aims to increase competitiveness, create optimal conditions for investors, and attract investment in export sectors independent of natural resources.
He elaborated that the country implemented 46 investment projects last year, with foreign capital reaching $4 billion and generating 6,500 jobs.
“Infrastructure and a wide range of investment preferences have been created in the territories of 14 special economic zones. A new tool of state support has been introduced, and an investment agreement, which can be concluded directly with the government, gives individual benefits and legislative stability for up to 25 years,” he highlighted.
“We are focused on attracting investment in the development of transport and logistics. Kazakhstan has become a vital transport and logistics center in Eurasia, offering 11 international transit routes, five railways and six roads,” Shakkaliyev stated.
He further stated that the country is developing a route for supplying agricultural goods from the Kazakh port to Gulf countries.
“This route will allow Kazakh exporters to deliver their goods in three days through UAE ports and onwards to all key ports in India, Pakistan, Asia-Pacific countries and the east coast of Africa,” he added.
Kazakhstan is also interested in implementing joint investment and technology projects in its agro-industrial complex.
“Improving the investment climate, opening dialogue with investors, improving infrastructure to attract investment are the strategic directions of the government’s work,” Shakkaliyev explained.
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