St. Petersburg Economic Forum brings results ? Samruk-Kazyna President

Nevertheless the world crisis had its reflection upon the organization of the forum. If last years the mooring of Vasilevsky Island was restricted by expensive yachts of the Russian millionaires this time the majority of them has preferred personal planes and staying at moderate Petersburg hotels. Traditional summit of the CIS countries which opened the Petersburg Forum previous years also did not take place. The leaders of Azerbaijan and Armenia arrived to St. Petersburg to meet with Russian President D. Medvedev. The delegation from the European Union and Arab World countries also participated in the Forum. The Kazakhstan delegation was headed by Chairman of Samruk-Kazyna National Welfare Fund Kairat Kelimbetov who told Kazinform about his participation in the St. Petersburg Forum. As a whole the participation in the forums like Davos or St.-Petersburg Forum can be divided into two parts; one part of which consists of the expert meetings and discussion of the world agenda. In this part the forum participants discussed consequences of crisis with possible stabilization programs, forecasting models for post crisis development as well as variants of new world financial structure. It was interesting for us to know the positions of the experts of the USA, China, Russia and Europe. What actually should we expect from the development of a world financial system regulation and formation of supranational institutions? What way should the supranational system choose for its reformation? The answers to all these questions have provided some food for reflection. But I think in this sense our participation in the discussion was useful to our delegation. Speaking about specific business arrangements within the St. Petersburg Forum we had planned meetings with the Russian partners, and according to results they have passed successfully. So following the results of the talks with Head of the Russian corporation Rosnano Anatoly Chubays we have concluded the Memorandum on creation of the joint fund in nanotechnology. All legal procedures are expected to be completed in November this year. Truly speaking, the fund charter is still small ? only USD 50 million, USD 25 million were allocated from each side. The main task of the Fund is financing of certain projects for nanotechnology development. The list of Kazakhstan projects will be developed within this summer. I will also tell that the use of nanotechnology we see in the sphere of infrastructure: in water treating technology and pharmaceutical industry. There is the second arrangement I would gladly tell you about. During two years we have been negotiating with the Foreign Trade and Investment Bank of the Russian Federation creation of joint investment fund. As you know we create this sort of funds within the SCO. Before that moment we had created an investment fund with CITIC Chinese company with total amount USD 1 billion. The first closing amounted to USD 200 million. We continue negotiations about creation of the joint investment structures with Kyrgyzstan and Tajikistan. Now we are creating an investment fund with the Russian Foreign Trade and Investment Bank to the amount of USD 1 billion. As per the agreement not less than 50 percent of means of the fund will be spent for financing of Russian projects and not less than 20 percent will be directed to Kazakhstan. I will notice that originally we have been interested in advancement of our projects in railway transportation, particularly in electrification of Makat-Kandagach branch (Western Kazakhstan). The implementation of this project will raise transport competitiveness of our country.