Home Business & Finance UAE and Kazakh going hand-in-hand for the development

UAE and Kazakh going hand-in-hand for the development


ASTANA: Jamal Saif Al Jarwan, Secretary General UAE International Investors Council on Tuesday while attending Kazakhstan Global Investment Roundtable, Modernization 3.0 (KGIR M-3) in Astana said, “Close ties between the Republic of Kazakhstan and the United Arab Emirates and we are proud for our project to be part of the collaboration between our Nations. It has taken 25 years of dedication research and development and a scientific process to get to where we are today.”

He added, ” When we started as an independent state our 90% economy was oil and gas based economy but under the vision of our leadership we changed it into the 30% oil and gas and 70 tourisms, trade and non-oil economy.”

Like we changed 47 years before you will also have to change now. Jamwal while addressing the panelists said transparency is very important for the investors. “Like Dubai you have to be digitalised, growth of infrastructure is needed and our interest in the investments in Kazakhstan are very serious. we want you to follow the Dubai Financial Center,” Jamal added.

We, together, should be very proud of what has been achieved so far and what we will achieve in the near term. It is our hope that the investments revolutionize Kazakhstan as it did UAE long back .

Prime Minister of Kazakhstan Bakytzhan Sagintayev said that the Kazakhstan is a country for your business to settle and invest. He said, “This is our second meeting, and we can already discuss what we have accomplished so far, what remains to be done, and what we expect from our partners around the globe.”

PM of Kazakhstan said that in 2017, our President Nursultan Nazarbayev announced the Third Wave of Modernization of Kazakhstan aimed at ensuring qualitative economic growth and determining the model of industrial and technological modernization in conditions of the Fourth Industrial Revolution. Currently the works are carried out in all directions.

He said, “Positive dynamics is maintained this year too. In just 5 months of 2018, agreements were reached to implement 69 new projects with major investors, including the United States, the United Arab Emirates, the United Kingdom, 10 TNCs from China, Turkey, the EU and other countries. The Kazakh-Chinese Industrial and Investment Cooperation Program is successfully implemented, which includes 51 projects to the tune of 27.7 billion USD. Combined, in 2018 54 projects will be completed for a total of 3.9 billion USD. A total of 63 projects worth 6.8 billion USD will also be launched.”

Sagintayev vowed the Kazakh Government will strengthen the coherence of national legislation with international economic and trade rules. Increase transparency, improve the protection of property rights, ensure the rule of law and encourage competition and limit monopoly based on the OECD standards. It was noted that Kazakhstan already has the status of an associated member of the OECD Investment Committee, which confirms that our country’s investment climate is in line with the Organization’s standards.

In 2018-2020, privatization of the 9 largest assets of Sovereign Wealth Fund “Samruk-Kazyna,” including oil and gas, mining companies, a railway operator, an air carrier, etc., is planned. All the necessary decisions have been taken, now it’s up to investors. Wrapping up his remarks Prime Minister Sagintayev said the Kazakh Government is ready for an open dialogue on the whole range of issues and suggests not just investing, but building a new Kazakhstan, implementing the dream of prosperity in the broadest sense of the word – the prosperity of the country and its citizens, business and every investor. News Desk

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