Profitable investment strategy
Nov 07. Kazpravda
By Yulia Polonskaya
Astana hosted the second meeting of the Joint Kazakh-Malaysian Trade and Economic Committee.
Deputy Minister of Economic Development and Trade Timur Zhaksylykov said the volume of turnover in 2011 between Kazakhstan and Malaysia was USD 97.1 mn, Kazakhstan’s export in the term reached USD 1.8 million, the import from Malaysia to Kazakhstan compared to 2010 increased by 23.6 percent.
Over the last 9.5 years, the inflow of Malaysian direct investment in Kazakhstan was USD 5.5 million. Trade and Economic Council is planning to increase the trade volumes between the two countries and change its structure. At present Malaysian import dominates over Kazakhstan’s exports, and it means that local entrepreneurs have to work hard for development of the market, focusing primarily on oil and gas area, mining and metal sector and agriculture.
– Our partnership has big potential for development, – said Mohd Ridzal Sheriff, Deputy Secretary General of the Ministry of international trade and industry of Malaysia. – In order to achieve better results in development of markets, it is necessary to make a clear plan for implementation of the instructions, given at the top level. We appreciate Kazakhstan’s progress in development of its economic system, made in the last 20 years. The Program for Malaysian economy’s transformation has 121 paragraphs, the implementation of which can generate more than $ 100 billion and create 3.3 million jobs. Next year, the economy is expected to grow by 4-5%. In this regard, Kazakh businessmen are called for mutually beneficial cooperation, – said the senior official.
It should be noted that the new scheme for small and medium businesses, applied in Malaysia since Jan 2012, is designed to provide new opportunities for foreign businessmen.