Kazakhstan invests over $900mn in UAE economy
"The United Arab Emirates is one of Kazakhstan's key partners in the Middle East. Our relations are based on friendship and mutual trust. At the moment, we are pleased to note the progressive dynamics of bilateral commercial and economic relations. The UAE is the first among the Middle East countries in terms of trade turnover with Kazakhstan", Kazakh Minister of Investments and Development noted during his opening speech.
According to the minister, the last year trends are very good. The trade rate between the two countries has tripled as compared to the year 2015.
"Since the independence of our country the total direct investment of the UAE in Kazakhstan has equaled to virtually $2 billion. At the same time, Kazakhstan has invested over $900mn in the UAE economy", Mr. Kassymbek added.
In addition, the minister advises that there are nearly 200 joint ventures partially owned by the Emirati business presently operating in Kazakhstan.
"We are implementing joint projects in agriculture, energy and mining. However, we see we have a much higher potential for developing trade and economic relations", Zhenis Kassymbek concluded.
It is noteworthy that the forum is attended by public officials and over 250 business representatives of the UAE.