Malaysia to attract up to $1 bln in investments to Mangystau
In accordance with the memorandum, the Malaysian company will provide support to Mangistau region in attracting investments from Malaysia to the oil and gas industry, infrastructure projects, construction, electric power, water supply and tourism. It is assumed that investments may amount to up to a billion dollars.
In its turn, the akimat of Mangistau region will provide support to the company in achieving the goals set out in the memorandum, and will assist in protecting investments.
In general, the memorandum will help strengthen interaction between the two countries in the field of information exchange, which will open new opportunities for Malaysian companies when investing in Mangistau region. At the same time, the regional akimat will assume the role of a single center for opening up the region's investment potential.
"The signing of the memorandum is another milestone in the way of the social and economic development of our peoples, taking into account mutual interests. Considering that more than 90 Malaysian MPs and businessmen are taking part in the EXPO, we expect more contracts and memorandums to be signed between Kazakh and Malaysian companies," said Malaysian Deputy Minister of International Trade and Industry Ahmad Haji Maslan.
Reach Energy Berhad develops 54 oil and gas wells in Mangistau region and plans to increase their number to 88 by 2026, thus supporting the region in developing the gas processing industry.