Malaysia-Kazakhstan trade likely to hit RM500mil

He said Kazakhstan was "optimistically looking at RM500mil if these projects are successful" but he declined to reveal the projects.

According to Malaysia Star, last year, total turnover between the two countries was RM300mil, of which more than half of the value were being exported to Kazakhstan.

Atamkulov, however, pointed out that the Melewar group, which already has presence in Kazakhstan, was expanding its steel operations there.

He added that National Feedlot Corp had recently signed an agreement for 25,000 ha of land for cattle breeding and expected the agency to start operations in Kazakhstan this year.

There are about 60 Malaysian companies investing in Kazakhstan to date.

"There are a lot of opportunities for investors in Kazakhstan. We are not only pursuing big companies but also medium-sized companies," Atamkulov said, adding that the republic was blessed with rich mineral resources.

He said rubber, furniture and sea products are other promising sectors for Malaysia.

Kazakhstan, the largest country in Central Asia, has nine special economic zone (SEZ) in various part of the country.

A company established in the SEZ is exempted from paying corporate, land, property and value added taxes.

To offer more advantages for potential investors, Kazakhstan has also formed a customs union with Russia and Belarus to boost trade among them.

Investors could also seek help from Kaznex Invest for information on the country.

Kaznex Invest would assist investors in obtaining government support.

Atamkulov said Kazakhstan was currently working on easing the requirements for visa for Malaysian diplomats and service passports holders.

To learn more see http://biz.thestar.com.my/