Kazakhstan and UAE to double trade volume: Consul General Sholybayev
ABU DHABI. August 9. KAZINFORM Kazakhstan is planning to enter the top 30 club of most developed countries in the world by 2050. The United Arab Emirates is one of the most desired countries to cooperate with to complete this mission, Askar Shokybayev, Consul General of the Republic of Kazakhstan in Dubai told Gulf News in an interview.
"For over 20 years, Kazakhstan-UAE relations have proved to be exemplary and can rightly assert itself as an example of an intensive and mutually beneficial cooperation," Shokybayev told the interviewer.
"Since Kazakhstan wants to boost foreign investments and improve trade relations, special focus is on the UAE as it is one the world's potential markets to have experienced powerful economic, commercial, financial, investments that our country can benefit form."
The Kazakh Consul General added that oil and gas, mining, nuclear energy, machinery, construction, agro-industrial, tourism, and technology are main business sectors that the Government of Kazakhstan is looking to develop.
"Our government is always working on upgrading its legislation that is related directly to foreign investors," Shokybayev pointed out. "One of the main advantages the Kazakh government offers to investors is that they are exempt from paying custom duties while importing equipment and material for their projects."
The newspaper notes that the UAE has an investment project in Kazakhstan worth around $3 billion. Some of it was implemented with the help of UAE funds including Aldar Properties and Islamic bank Al Hilal.
Moreover, a cooperation agreement was signed between a national company, Kazakhstan Temir Zholy and Dubai's DP World to develop transport and logistics system in Kazakhstan. "Dubai has an extensive experience in port operation and logistics services which could play a major role in upgrading these business sectors in Kazakhstan," Kazakh diplomat said.
Highlighting the potential for development of economic cooperation with the other emirates, Shokybayev said: "There is potential cooperation with the emirates of Fujairah and Ras Al Khaimah, having large ports, highly developed free zones and all the necessary infrastructure for business development."
He further said that despite trade volume between the two countries being relatively low, at an estimated $300 million in 2012, due to lack of proper logistics and cargo services, the intention is to double this figure in the coming years.