Investment and trade opportunities of Kazakhstan offered in Saudi Arabia

The Embassy of Kazakhstan to 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 held on December 22-23, 2019, in Dammam and Riyadh.

The Kazakh Delegation consisted of H.E. Mr. Berik Aryn, the Ambassador of Kazakhstan to Saudi Arabia,  leadership and representatives of the “KAZAKH INVEST” National Company, the Astana International Financial Center, and different Kazakh travel companies.

The Saudi side was represented by Mr. Abdulhakim Al Khaldi, the 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.

Ambassador Berik Aryn, in his welcoming speech, 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 issues of bilateral relations that have marked this year its 25th Anniversary. He noted that over the 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, where in recent years, there has been a drop in the level of mutual trade.

In this regard, he called on Saudi business people to step up work in this direction 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 maintains 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 the vast investment opportunities in the field of agriculture.

Besides, Kazakh representatives provided Saudi businessmen with the development of the Islamic finance sector in Kazakhstan as part of the AIFC activities. They mentioned that the Center is an exclusive financial hub not only for Central Asia, Europe, and other regions but also for the countries of the Middle East.

Moreover, Kazakh travel companies introduced tourism opportunities in Kazakhstan. They noted that the country’s tourism cluster has excellent potential for development and can provide almost all types of tourism: from ecological to business tourism.

In general, the Workshop has revived 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.

Created at : 24.12.2019, 18:00, Updated at : 24.12.2019, 18:00