According to government officials and trade experts who spoke at the latest Global Partnership Series session, the UAE and Kazakhstan have a lot of room to develop their business relations in key sectors and areas of mutual interest like food security, agriculture, and economic digitalization.
A total of 130 people from the UAE and Kazakhstan, including government officials, industry experts, and business leaders, attended the virtual forum, which was organised by the Dubai Chamber of Commerce and Industry in collaboration with Kazakhstan's embassy in the UAE.
Speakers and high-level attendees included Ambassador of the Republic of Kazakhstan to the UAE, Madiyar Menilbekov; Chairman, Dubai Chamber of Commerce and Industry, Majid Al Ghurair; Fahad Al Gergawi, Vice Minister of National Economy of the Republic of Kazakhstan, Alisher Abdykadyrov, CEO of Dubai FDI; Official Representative for Cooperation with Major Oil and Gas Operators and Oilfield Service Development, Assylbek Jakiyev; National Chamber of Entrepreneurs "Atameken"; Omar Khan, Director of International Offices at Dubai Chamber and Azamat Kozhanov, Managing Director; Kazakh Invest.
Menilbekov described the UAE as "a key economic partner of Kazakhstan in the region" in his opening remarks, adding that bilateral relations have grown stronger in recent years as a result of mutually beneficial projects and initiatives. He mentioned Kazakhstan's President Kassym-Jomart Tokayev's recent official visit as well as Kazakhstan's Prime Minister Askar Mamin's recent working visit, both of which paved the way for a new economic and investment agenda for the two countries.
He also said that the bilateral trade between the two countries will reach nearly $500 million in 2020, while foreign direct investment from the UAE into Kazakhstan will reach $130 million in the first nine months of this year. He added that the UAE has more than 350 legal bodies, branches, and representative offices working successfully in Kazakhstan.
Following a bilateral agreement to develop a roadmap for trade and investment cooperation containing concrete projects, Abdykadyrov said that Kazakhstan's government is concentrating its efforts on fostering investment cooperation with the UAE and attracting foreign capital from the Gulf region. Thirty projects in agriculture and other sectors have been approved under this agreement, he said, adding that the implementation of these projects would elevate their investment ties to new heights.
Majid Saif Al Ghurair, Chairman of Dubai Chamber, addressed the audience and discussed the current state of Dubai-Kazakhstan economic relations, noting that the emirate has emerged as a preferred hub for Kazakh companies looking to expand trade and investment in the Gulf Cooperation Council (GCC) and the wider Middle East region. He announced that Dubai's non-oil trade with Kazakhstan has increased from $163 million in 2016 to $327 million in 2019.
Due to its strategic location, Dubai is an ideal location for doing business with other GCC countries as well as main markets in Africa, Asia, and other parts of the world. Dubai acts as a unique portal with connections to over two billion customers, which Kazakh businesses will undoubtedly benefit from, according to Al Ghurair.
The event came to a close with a panel discussion titled "Creating New Avenues of Bilateral Cooperation," which included the remaining speakers and highlighted the shared economic interests between Dubai and Kazakhstan, which provide high-potential business opportunities for businesspeople from both markets.