Arman Shakaliyev, Minister of Trade and Integration of the Republic of Kazakhstan, said that mutual investments between the UAE and Kazakhstan continue to create qualitative opportunities for the growth of trade relations between the two countries, stressing the work on plans that will contribute to increasing the volume of trade by three times to reach one billion dollars.
He added, during the activities of the World Investment Forum “UNCTAD” 2023, that plans were presented at the forum about new trade routes from the Caspian Sea to the ports of Abu Dhabi and Dubai, explaining the importance of the new road in giving them a centrality to connect Central Asia as an agricultural center for regional markets.
Shakaliev said: “Today, the Central Asian region has become a major link in global transport, and plays an important role as a continental bridge in the northern, southern and east-western directions. The development of the route across the Caspian Sea and its connection to the global gateway strategy is of particular importance, and the volume of goods movement along this corridor can be increased.” Five times more.”
Attract investors
In the context of attracting investors, he explained that the forum provides a clear understanding of the conditions granted by governments to invite investors, noting that Kazakhstan has established a wide range of investment preferences in 14 special economic zones, and a new tool has also been introduced to support the country, which is the investment agreement that is concluded directly with the government. Obtaining individual benefits and legislative stability for a period of up to 25 years.
The Minister of Trade and Integration stressed that the main direction of investment policy in Kazakhstan is to increase competitiveness, create optimal conditions for investors, and attract investment in sectors of the economy, explaining that last year 46 investment projects worth $4 billion were implemented in Kazakhstan, which contributed to the creation of about 6,500 thousand jobs.
Diversify the economy
He pointed out the advantages offered by Kazakhstan to enhance investments; Such as in-kind and non-financial grants and various tax benefits such as subsidies and exemptions from corporate income tax, value-added tax, land and property tax, and a system of investment preferences has been established under the law for exemption from customs duties.
He pointed to the government’s efforts to diversify the economy, which contributed to creating huge investment opportunities in agribusiness, transportation and logistics, the IT industry, mechanical engineering, and others.
In this context, Shakaliyev said: “Smooth investment and international trade are crucial for integration into global value chains, and we focus on attracting investments in the development of transport and logistics services, as Kazakhstan has become a vital center for transport and logistics services in Eurasia, by providing 11 international transit routes and 5 railways.” “Railroad and 6 roads, which led to a reduction in transportation time by more than twice compared to sea routes from Asia to Europe.” He added, “We have begun working with large logistics companies such as Simatech Shipping & Forwarding and Abu Dhabi Ports, to develop a new transportation route for the supply of agricultural goods from the Kazakh port of Korek to the Arab Gulf countries.”
Shakaliyev said: “This road will allow Kazakh exporters to deliver their goods within three days, and open access to the ports of the UAE and beyond to all major ports in India, Pakistan, Asia-Pacific countries and the east coast of Africa.”
He stressed Kazakhstan’s commitment to using its agricultural potential to address the global food shortage, as one of the world’s largest agricultural exporters, pointing to its endeavor to facilitate investment and trade by applying the basic principles of transparency, predictability and efficiency in trade and investment operations.
Investment climate
The Minister of Trade and Integration of Kazakhstan said that improving the investment climate, open dialogue with investors, and improving infrastructure to attract investment are the strategic direction of the government’s work, and one of the most important conditions for the success of the modernization cycle being implemented in the country.
He pointed out that, within the framework of climate action, both the UAE and Kazakhstan share visions and aspirations towards achieving the goals of climate neutrality by 2050 for the UAE and 2060 for Kazakhstan. He said: “His country’s policy highlights the importance of attracting investments in environmental, social and corporate governance (ESG) practices to strengthen non-related sectors.” resources, pointing to Kazakhstan’s long-term carbon neutrality strategy that includes a set of key measures to reduce emissions and decarbonize the economy.
(loan)
2023-10-21 11:38:03
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