Monday, June 17, 2024

Emirates News Agency – Kazakh Trade Minister to WAM: We are working to double the volume of trade with the UAE to one billion dollars.

Date:

Posted by: Al-Yasiyyah Al-Kaabi.

ABU DHABI, 21 October / WAM / The Minister of Trade and Integration of the Republic of Kazakhstan, His Excellency Arman Shakaliyev, said that mutual investments between the UAE and Kazakhstan continue to create quality opportunities for the development of trade relations between the two countries. Work on projects that will contribute to triple the volume of trade to reach a billion dollars.

In reports to the Emirates news agency “WAM” during the activities of the World Investment Forum “UNCTAD” 2023, proposals on new trade routes from the Caspian Sea to the ports of Abu Dhabi and Dubai were presented at the forum. , illustrates the importance of the new road to connect Central Asia as a hub. Agriculture for regional markets.

He said, “Today, the Central Asian region has become an important link in global transportation and plays an important role as a continental bridge in the north, south and east-west directions. The development of the corridor through the Caspian Sea and its connection with the global gateway strategy is of particular importance, and in this corridor It can increase the volume of movement of goods five times.”

His Excellency explained that in terms of attracting investors, the forum provides a clear understanding of the conditions provided by governments to invite investors, noting that Kazakhstan has established a wide range of investment options in 14 special economic zones. Introduced to support the country, the investment agreement is concluded directly with the government and enjoys individual benefits and legislative stability for up to 25 years.

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He emphasized that the main direction of investment policy in Kazakhstan is to increase competitiveness, create favorable conditions for investors and attract investment in sectors of the economy. Creating about 6,500 thousand job opportunities.

He pointed out the advantages that Kazakhstan offers to increase investments; A system of investment options has been established under the Act for in-kind and non-financial subsidies and various tax concessions, subsidies and exemptions from corporate income tax, value added tax, land and property tax and exemption from customs duty. Duties.

He pointed to the government’s efforts to diversify the economy, which has contributed to creating huge investment opportunities in agribusiness, transport and logistics, IT industry, mechanical engineering and others.

In this context, “soft investment and international trade are important for integration with global value chains, and we focus on attracting investments in the development of transport and logistics services, as Kazakhstan has become a major hub for transport and logistics services in Eurasia, by providing 11 international transport routes and 5 railways. ” And 6 routes have led to more than double the transit time compared to sea routes from Asia to Europe.

We have started working with major logistics companies such as Simatec Shipping & Forwarding and Abu Dhabi Ports to develop a new transport route for the delivery of agricultural products from the Kazakh port of Korek to the Arab Gulf countries.

He said, “This road will allow Kazakh exporters to deliver their goods within three days and will be open to Emirates ports and beyond to India, Pakistan, Asia and Pacific countries and all major ports on the East Coast of Africa.”

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As one of the world’s largest agricultural exporters, he emphasized Kazakhstan’s commitment to using its agricultural potential to address global food shortages.

The Minister of Trade and Integration of Kazakhstan, improving the investment climate, open dialogue with investors and improving infrastructure to attract investment is the strategic direction of the government’s work and one of the most important conditions for the success of the modernization cycle. implemented in the country.

He pointed out that within the framework of climate action, both the UAE and Kazakhstan share the vision and aspirations to achieve climate neutrality goals by 2050 for the UAE and by 2060 for Kazakhstan. Attracting investments in environmental, social and corporate governance (ESG) practices improves unrelated sectors.” Resources points to Kazakhstan’s long-term carbon neutrality strategy, which includes key measures to reduce emissions and decarbonize the economy.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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