More than 30 Saudi Arabia Companies are Considering Investing in Kazakhstan
The delegation of the Kingdom of Saudi Arabia (KSA) chaired by the Minister of Investment Khalid A. Al-Falih, arrived in Nur-Sultan within the framework of participation at the 5th meeting of the Kazakh-Saudi Intergovernmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation.
The delegation included more than 50 representatives of KSA government agencies, as well as about 30 leaders of the largest Saudi companies in the field of petrochemistry (SABIC, Alkhorayef Group, Aramco), energy (ACWA Power, Aljomaih Energy and Water Company, Desert Technologies), IT (ELM, National Technology Group), agribusiness (SALIC, Al Rajhi International for Investment Co, Hdeim Dates, Faidh International Food Company), healthcare (Dr. Sulaiman Al-Habib Medical Group), pharmaceuticals (Jamjoom Pharma), logistics (Zajil), tourism (Seera), light industry (Ajlan & Bros Group), trade (Saudi Industrial Export), etc.
Thus, as part of the delegation's visit, a Kazakh-Saudi investment business forum was held with the participation of more than 170 representatives of business circles and businesses of the two countries. During the event, the Saudi companies shared their experience in implementing the National Program "Saudi Vision 2030", whose main objective is to develop the private sector and create a dynamic society, as well as to increase the Kingdom's competitiveness in international trade.
Opening the event, the Minister of Trade and Integration of Kazakhstan Bakhyt Sultanov noted the interest of Kazakhstan businesses to increase cooperation with the business community of Saudi Arabia. In his speech, he called on the business community of Saudi companies for mutually beneficial cooperation on investment projects, the joint implementation of which will give a new impetus to bilateral economic relations.
Welcoming the Saudi delegation, Deputy Minister of Foreign Affairs of the Republic of Kazakhstan Almas Aidarov emphasized the great importance of the Saudi market in strengthening business, trade and economic relations with Kazakhstan, as well as the significant potential of expanding investment cooperation between Kazakhstan and Saudi Arabia as part of the National Program “Saudi Vision 2030”.
“Saudi Arabia has become a successful model for many countries around the world to develop entrepreneurship, diversify the economy, and implement social reforms. We are pleased to see the success and impressive results of the Saudi Vision 2030 strategic program. I believe that we have great potential for further development of our cooperation in such sectors of the economy as agriculture, petrochemicals, MMC, renewable energy, finance, and others”, - added Almas Aidarov.
So, within the forum as speakers from the Kazakh side were the heads of “KAZAKH INVEST”, “KIDF”, “MFCA”, “QazTrade”, “Kazakh Tourism”, as well as the Ministry of Investment of KSA and the Head of “NCPP”.
During his speech, Chairman of the Board of "NC "KAZAKH INVEST" JSC Meirzhan Yussupov presented to the Saudi partners the investment potential of the Republic of Kazakhstan, introduced forum participants with new approaches used in the state system to attract investment, and noted the importance of deepening bilateral relations of Kazakhstan and the KSA.
“To date, the total inflow of investment from Saudi Arabia to Kazakhstan is just over $100 million. However, this figure does not fully reflect the potential of our countries. To this end, KAZAKH INVEST carries out comprehensive work to strengthen investment cooperation between businesses in Kazakhstan and the KSA. For example, in conjunction with the Kazakhstan Embassy in Saudi Arabia and with the support of the Jeddah and Al Qassim Chambers of Commerce and Industry and in conjunction with the NCPP a series of events was held to highlight the prospects for Kazakh-Saudi cooperation in trade, economics and investment. This allowed us to establish business contacts for further coordination of joint activities in the areas of greatest interest to business”, - said the Chairman of the Board of "NC "KAZAKH INVEST" JSC Meirzhan Yussupov.
At the same time, on the margins of the event with the support of KAZAKH INVEST several meetings organized by the Minister of Investment of KSA Khalid A. Al-Falih with the Minister of Agriculture of Kazakhstan and the Minister of Energy of Kazakhstan, as well as the leadership of “NAC “Kazatomprom” JSC, “KAZ Minerals” and others. In addition, about 20 b2b meetings were held between representatives of Kazakhstan business and major Saudi companies in the agricultural sector, mining and metallurgical industry, pharmaceuticals, tourism, light industry, as well as ICT, etc.
Thus, following the forum, KAZAKH INVEST signed a framework cooperation program with NCPP (National Company Promotion Program), which is part of the Ministry of Investment of Saudi Arabia. The Memorandum will allow the parties to establish relations between business organizations and expand their cooperation with the participation of chambers of commerce and other interested organizations, promote mutually beneficial investments and support initiatives aimed at improving the investment environment, as well as promote the development and implementation of investment projects of the two countries.
In addition, within the framework of the forum, the Saudi side signed 6 Memorandums on cooperation with kazakh companies in the field of tourism, agribusiness, logistics and communication technologies.
It is worth noting that the organizers of the Kazakh-Saudi investment business forum were the Ministry of Trade and Integration of Kazakhstan and “NC “KAZAKH INVEST” JSC.
