Kazakhstan may access the market
of Singapore with a GDP per capita of $133,000 due to cooperation between the
two states. It could also enhance relations with the Association of Southeast
Asian Nations (ASEAN), home to over 600 million people. Experts note that the
visit of Kazakh President Kassym-Jomart Tokayev to Singapore will boost the
partnership, leading to productive outcomes. The financial technology market
could be one of the areas of promising cooperation. Currently, Kazakhstan is
advancing in this field through the digitization of government services,
e-commerce, and online payments. Joint work in the digital sphere will unlock new
market opportunities.
“Singapore serves as a regional hub being one
of the global leaders in venture capital. Thus, local venture capital
funds can engage in lucrative deals at relatively modest multipliers in
Kazakhstan, as well as discover new investment spheres,” said Olzhas Zhiyenkul,
CEO of Investbanq.
“Kazakhstan’s potential lies in its educated
and advanced youth, who develop cutting-edge ideas. Kazakhstan is the
leading country in Central Asia. The population of the entire region is 80-90
million people, which is a huge market for us. Promising areas for cooperation
between Kazakhstan and Singapore are information technology, engineering, and
medical science. Cooperation with Singapore will also open the ASEAN market for
Kazakhstan. Despite being among the smallest countries alongside Brunei,
Singapore boasts the strongest economy within the association. Moreover, we
have established a visa-free and tax-free regime,” said Philip Yeo, Chairman of
Accuron Technologies Limited.
It bears noting that the relationship between
Kazakhstan and Singapore is dynamically evolving. Last year, the volume
of bilateral trade reached $1.6 billion, with exports amounting to $1.5
billion. Besides, the inflow of direct investment into Kazakhstan surpassed
$1.4 billion.
Editor: Aizhan
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