Kazakhstan-Malaysia Investment Roundtable: agreements on joint projects signed

Kazakhstan-Malaysia Investment Roundtable: agreements on joint projects signed
Фото: primeminister.kz 17.05.2024 14:58 932

The Head of the Government of Kazakhstan Olzhas Bektenov and Prime Minister of Malaysia Anwar Ibrahim held in Astana Kazakhstan-Malaysian investment round table with the participation of representatives of business communities and academia of the two countries, El.kz cites primeminister.kz.

They exchanged views on the prospects for increasing cooperation in priority sectors of the economy. 

In his welcoming speech, the Head of the Government of Kazakhstan noted that Malaysia is one of the key trade and economic partners in Southeast Asia. Over the year, bilateral trade turnover increased from $150 million to almost $245 million. The goal is to unlock the existing potential of the economies and exceed the pre-pandemic figure of mutual trade of $650 million.

"Our countries maintain a close political dialogue, which serves as a solid foundation for the partnership. Your meeting yesterday with our President Kassym-Jomart Tokayev marks an important historical milestone in the development of bilateral relations. The Government of Kazakhstan expresses its readiness to implement all the agreements reached at the highest level," Olzhas Bektenov stressed.

Olzhas Bektenov announced Kazakhstan's intention to diversify exports to Malaysia and called on Malaysian businessmen to jointly explore new opportunities to strengthen partnerships in services, manufacturing, finance, education, subsoil use, agriculture and construction. As of today, 48 companies with Malaysian capital operate in Kazakhstan. 17 joint investment projects totalling over $410 million are being implemented.

In turn, Prime Minister of Malaysia Anwar Ibrahim noted the positive dynamics of interstate cooperation. In recent years, the growth of trade turnover between the countries exceeds 30%. Malaysia intends to strengthen cooperation with Kazakhstan in the tourism, education, energy sectors, as well as in the supply of Kazakhstani halal products. The need to increase the number of joint projects in areas with strong potential was noted. 

Participants of the round table were told about the implementation of systemic measures in Kazakhstan to increase the investment attractiveness of the country. Investors are provided with tax and customs privileges, consulting and infrastructure support.

Within the framework of the round table, representatives of Kazakh and Malaysian businesses held substantive negotiations. Senator of Parliament, President of the National Chamber of Commerce and Industry of Malaysia (NCCIM) Low Kian Chuan noted that Kazakhstan is an important strategic partner of Malaysia and the largest in the Central Asian region.

The discussions resulted in an agreement to deepen investment ties and jointly explore new markets. Agreements and memoranda totalling more than $350m were signed on the margins of the roundtable. Cooperation is planned in attracting investment in Islamic finance and trade development, as well as in food processing, mining, gold processing and joint production of transformer and automotive oil. 

The implementation of the agreements will be an important step towards the expansion of fruitful cooperation between the two countries. 

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