The expansion of trade turnover and strengthening of economic and transport ties, as well as promising projects in the agro-industrial complex, green and Islamic finance - these and other issues were on the agenda of the Kazakhstan – UAE investment roundtable. The discussion was held with the participation of Kazakh President Kassym-Jomart Tokayev.
The bilateral trade between Kazakhstan and the United Arab Emirates amounted to US$600 million by the end of last year. Kassym-Jomart Tokayev highly assessed the dynamic cooperation, noting that the partnership between the two countries is built on huge economic potential and business interests, as well as mutual respect and shared values.
“We have established and enjoyed exemplary relations between our states for over 30 years. It is no coincidence that the Emirates are our key regional trade and economic partner. Your great country has invested some US$3 billion in Kazakhstan, while Kazakhstan has already invested over billion dollars in the Emirates. By the end of 2022, the trade turnover between our countries amounted to US$600 million. This is a great achievement. But there is also a chance and potential to go ahead,” Tokayev said.
The Head of State outlined the key areas for further cooperation between Kazakhstan and the United Arab Emirates. President Tokayev noted that the country has high expectations for bilateral partnership in the field of agriculture, placing an emphasis on Kazakhstan’s readiness to produce and supply organic agricultural products to the UAE market. He invited the businesses currently operating in the country and other Emirati companies to make investments in the food industry. Kassym-Jomart Tokayev also spoke about the country’s transport potential. The Head of State noted that Kazakhstan is the main direct gateway to a market of more than a billion consumers, including the Eurasian Economic Union, Central Asia and China.
“Central Asia is a large and vibrant region with a higher growth rates and great future. We are planning to construct multiple cross-border trade and logistics centers to strengthen our trade and connectivity in Central Asia. Kazakhstan is also a large country that needs quality roads. Together with our neighbors and the European Union, we are also working to establish a ‘Digital Transport Corridor’. Our aim is to eliminate all existing barriers and safely connect East and West, North and South. We believe that the Emirati companies can definitely benefit from this growth and connectivity. That is why, I fully support our cooperation with Abu Dhabi Ports to establish a maritime and port infrastructure in my country,” Tokayev added.
In addition, Kazakhstan aims to become a regional technological hub in Central Asia. The country is actively digitizing its economy and public services. Kassym-Jomart Tokayev also noted Kazakhstan’s active efforts to build a strong world-class financial sector. To date, 1,700 companies from 64 countries are registered in the Astana International Financial Centre. The Head of State expressed his hope that the economic partnership between the two countries would continue to expand. The Government is ready to support business. In addition, President Tokayev invited Arab investors to participate in the Astana Economic Forum. The international event will be held in the Kazakh capital in June 2023.
