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Investment and trade opportunities of Kazakhstan presented in Saudi Arabia

26.12.2019 4294
Investment and trade opportunities of Kazakhstan presented in Saudi Arabia
Kazakhstan’s Embassy in Saudi Arabia, with the support of the Chambers of Commerce and Industry of Riyadh and Asharqia Province, has conducted a workshop on the prospects of the Kazakh-Saudi cooperation in the field of trade, investment, and tourism on December 22-23, 2019, in Dammam and Riyadh, the press service of the Kazakh MFA informed.
The delegation included H.E. Mr. Berik Aryn, Ambassador of Kazakhstan to Saudi Arabia, top managers and representatives of KAZAKH INVEST National Company, Astana International Financial Center and some Kazakh travel companies.
The Saudi side was represented by Mr. Abdulhakim Al Khaldi, Chairman of the Chamber of the Eastern Province (Asharqia), members of the chambers of commerce of Riyadh and Asharqia, more than 80 CEOs and representatives of various Saudi companies, among which are large companies such as Zamil Group, Al Hokair Holding Group, Al Fanar Company, Arab Petroleum Investment Corp., Awad Group, Saudi Fund for Development and others.
In his welcoming speech, Ambassador Aryn briefed participants on the main economic achievements of Kazakhstan and informed about the ongoing work on the establishment of a favorable business climate for foreign investors.
The Kazakh diplomat highlighted the important issues of the bilateral relations. He noted that over 25 years, a constructive political dialogue had been established between the two countries. At the same time, he drew attention to the existing "big gap" in trade and economic cooperation. The level of mutual trade has dropped in recent years.
In this regard, he called on Saudi business people to step up work in this area by participating in various investment projects in Kazakhstan, establishing contacts with Kazakh partners. In this vein, he invited Saudi entrepreneurs to visit Kazakhstan and get a first-hand understanding of the projects and given opportunities.
Members of the Kazakh delegation also made thematic presentations. The KAZAKH INVEST officials presented the measures taken by the Government of Kazakhstan to attract investment in various sectors of the country’s economy. They stressed that Kazakhstan had all the necessary conditions for foreign investors to conduct a secure and transparent business in the state, such as liberalization of the visa regime, protection of investors’ rights, and reduction of administrative barriers.
They also briefed in detail about the development of the agro-industrial complex of Kazakhstan, including vast investment opportunities in the field of agriculture.
Besides, the Kazakh side informed Saudi businessmen about development of the Islamic finance sector in Kazakhstan as part of the AIFC activities. They mentioned that the Center was an exclusive financial hub not only for Central Asia, Europe, and other regions but also for the Middle East countries.
Moreover, Kazakh travel companies introduced tourism opportunities in Kazakhstan. They noted that the country’s tourism cluster had excellent potential for development and can provide almost all types of tourism: from ecological to business one.
In general, the workshop reviewed interest among the participants. As an example, one of the participants, the founder of one of the largest Saudi companies, Zamil Group, Mr. Abdulrahman Al-Zamil, praised the steps taken by the leadership and government of Kazakhstan to reform the country’s economy and create favorable conditions for foreign investors. He called on Saudi companies to actively participate in Kazakhstan’s investment projects, and also proposed establishing strategic partnerships in this direction.
Following the presentations, Kazakh and Saudi companies held B2B meetings, during which the Saudi side was apprised of the particular investment projects of Kazakhstan in various fields. The parties agreed to establish contacts for further coordination of joint actions in the areas of Saudi’s interests.
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