Expert: Kazakhstan's investment climate is attractive for Saudi Arabia

Saudi Arabia, as one of the few G20 countries not involved in the current geopolitical confrontation, is the most attractive partner for Kazakhstan.
Фото: El.kz 25.07.2022 769

Saudi Arabia, as one of the few G20 countries not involved in the current geopolitical confrontation, is the most attractive partner for Kazakhstan. The head of the department of international and geo-economic research of KazISS under the President of the Republic of Kazakhstan Aidar Kurmashev told about this to correspondent El.kz.

According to the expert, the official visit of President Tokayev to the Saudi Arabia was expected, since "Saudi Arabia has been one of the leading strategic partners of our country for many years."

"We have established good cooperation in many areas. Saudi Arabia, as one of the few G20 countries not involved in the current geopolitical confrontation, is the most attractive partner for Kazakhstan. Its investment potential provides rather broad possibilities for the practical implementation of Kazakhstan's economic development plans," Aidar Kurmashev said.

According to Kurmashev, the head of state Kassym-Jomart Tokayev for several foreign meetings and domestic meetings focuses on the need to develop trade and economic cooperation with foreign countries, as well as the implementation of joint socio-economic projects.

"The structure of mutual trade between Kazakhstan and Saudi Arabia is quite varied. Our country mainly exports ferroalloys and other construction raw materials, while importing various chemical products. Taking into account the ongoing transformation of the economy of Kazakhstan to the production of finished products, as well as the expansion of its export potential, obviously, the emphasis will be placed on this category of goods," the expert said.

In the era of global turbulence and volatility of markets, including financial ones, large investors prefer to invest in areas that will grow steadily, the expert assures.

"Today, food security is the number one issue for many countries. And to ensure it requires great territorial and climatic opportunities, which Kazakhstan fully possesses. With the necessary investment support, agriculture and the production of agro-industrial products of Kazakhstan can give a significant result, both for the domestic and foreign markets," the head of the department of international and geo-economic research commented.

The expert noted that our country is one of the largest producers of wheat and flour and, as the President said, "we are ready to become one of the stable, long-term suppliers of high-quality wheat, flour and oilseeds in the Saudi Arabia."

"All this suggests that Kazakhstan has created a good investment climate, which is attractive for Saudi Arabia, which shows a deep interest in cooperation with Kazakhstan. Undoubtedly, our mutually beneficial relations will develop further," the expert summed up.

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