TARAZ. KAZINFORM Singapore’s Indorama Corporation Pte and Kazakhstan’s Zhambyl region entered into a memorandum of economic cooperation, Kazinform reports.
The document was signed during the Kazakh-Singaporean Business Forum in Astana, which gathered more than 200 representatives of the two countries’ governmental structures and business communities. Prime Minister of Kazakhstan Alikhan Smailov and President of Singapore Halimah Yacob participated in the event.
Taking the floor, Prime Minister Alikhan Smailov said that Singapore was the largest trade and investment partner of Kazakhstan in ASEAN region. In 2022, trade turnover between the two countries increased by 65% having reached $2 billion. The volume of investments increased six times. More than 230 joint companies are operating successfully in Kazakhstan today.
As part of the business forum, Zhambyl region of Kazakhstan and Singapore’s Indorama Corporation Pte. entered into a memorandum of mutual cooperation.
The company plans to build a phosphate fertilizer manufacturing plant with a total capacity of 150,000 tons of granular superphosphate. The cost of the project is $250 million. 800 jobs will be created as part of the project’s implementation.
Indoramа has more than 150 production platforms in 37 countries of the world, including 10 fertilizer plants in 8 countries.
Zhambyl region is rich in phosphate ores which are concentrated mostly in Karatau-Zhanatas basin. 48 phosphate deposits were discovered in the region, while the explored reserves are estimated at 13 billion tons.
Zhambyl region accounts for 30% of the country’s overall chemical output.