Kuwait, Kazakhstan sign agreement

January 19. KUWAIT

By Ben Garcia

Kuwait, Kazakhstan sign agreement“As part of a growing business interest in foreign countries, Kuwait has recently signed two investment projects with Kazakhstan,” disclosed Abdulwahab Al-Wazzan, Honorary Deputy Treasurer Kuwait Chamber of Commerce and Industry (KCCI). He met with members of Kazakhstan economic delegation yesterday at its headquarters in Kuwait City. The two sides agreed to carry out projects in Astana-the capital city of Kazakhstan.

He said that they were necessary to develop trade and economic cooperation which was on a ‘record low.’ “Politically speaking, our bilateral relations have been really great, but in terms of economic relations, we have poor, limited access,” Al-Wazzan mentioned. “We want to enhance our cooperation and it means that we both need to work hard toward developing it,” he said.

Al-Wazzan suggested that exhibitions and presentations be arranged more often in order to be able inform members about products and services, and at the same time promote and enlighten the business community here. “Investment regulations should be explained to us and our members,” he said.

The delegation was headed by Kazakhstan Deputy Executive Secretary-Ministry of Finance Natalya Korzhova. A meeting had been scheduled to be held between her and KCCI officials. However, as she could not be present at the meeting, Sofia, a member of the Kazakh’s delegation acted on her behalf. In her speech, she thanked Kuwaiti officials for the warm reception accorded to the Kazakh delegation.

She noted that during their stay in Kuwait, the delegation had met with several government and agency officials where several issues of concern were discussed including means of enhancing cooperation in the area of trade and investment.

She also drew attention to the meeting held with officials from the Kuwait Fund for Arab Economic Development (KFAED) and Kuwait Investment Authority (KIA). The Kazakh delegation included representatives from the Ministry of Energy and Mineral Resources, Ministry of Transport and Communications, Ministry of Environment, Investments Committee of the Ministry of Industry and Trade, KazAgro Holding, SamrukKazyna National Welfare Fund and heads of a number of commercial banks.

A ten-year plan to improve roads, railways, ports and airports was also unveiled. “Some of the projects were already being implemented with the help of government budgets. Some international financial institutions are also contributing, but some private credit partnership also exists. We have initiated many projects to enhance our country’s potentials. We need your support and cooperation to carry out large-scale projects,” the presenter said.