Almaty hosts Kazakh-Malaysian Business Forum

30 October, 2018, 15:45 561
Almaty hosts Kazakh-Malaysian Business Forum

Six memorandums and agreements between governmental organizations and private companies have been concluded during the Forum. 

Almaty has opened the Kazakh-Malaysian Business Forum with 150 domestic and foreign companies, governmental structures and sectorial associations taking part. The Forum aims at developing direct contacts and mutually beneficial cooperation between the two country's business circles, establishing a favourable climate to promote Kazakhstan's business interests on the Malaysian market and attracting investments from Malaysia, BNews.kz correspondent reports. 

"The Malaysian government was among the first recognizing independence of Kazakhstan. Malaysia is a dynamically developing, export-orientated industrial economy. Over the last decades, Malaysia's economy has been showing impressive rates of growth, and Kazakhstan has the largest economy in Central Asia. So the Forum will be a good platform to develop a mutually beneficial partnership between business representatives of the two states," said Dato Berikkazy Seksenbayev, the co-Chairman of the Malaysian-Kazakh Business Council. 

Delivering his speech on the current revenues from economies between the two states, the speaker noted that, according to the data of Kazakhstan's National Bank, the volume of investment from Malaysia in Kazakhstan's economy since 2016 had comprised 16.6 million dollars. Investments are mainly directed to the oil and gas sector, construction and infrastructure. 

"As for the trade turnover, a 48% increase (39 million dollars) in mutual trade has been seen over the year. Exports of Kazakhstan's products have accounted for 251 thousand dollars this year, and imports - 38.6 million dollars. Kazakhstan, in particular, exports products, and imports lubricant, oil, clothing, electronics, spare parts," said Seksenbayev. 

Kazakhstan's Ambassador to Malaysia Daniyar Sarekenov noted that 26 years had passed since the establishment of diplomatic relations between the states that year. The establishment of business relations is of a great importance. Kazakhstan having a beneficial geographic location and economic, transport capabilities can be a regional industrial and logistics hub. The two states' businesses can cooperate in tourism, Islamic financing, education, digital economy. 

"During a short historic period, a long way has been passed, a reliable political dialogue has been established, as well as close mutual relations within the international and regional organizations, economic relations dynamically develop. Presently Malaysian is among the leading number of Kazakhstan's partners.

The companies and investors implement a number of joint projects in oil and gas spheres, agriculture, construction for a total of 1 billion dollars. As of today, concrete actions for interaction in such key areas as the oil and gas industry, transport, agriculture, e-commerce, tourism, healthcare and information security are defined. In addition the output of with-value-added products, information technologies, renewed energy sources can be perspective areas for developing the cooperation," said Daniyar Sarekenov. 

Malaysian Ambassador to Kazakhstan Syed Mohamad Bakri added that in the past year more than 320 Malaysian companies had visited Astana to take part in EXPO-2017. 

"As for further relations, we are convinced that we will reach great capabilities. All this is due to the work of the Kazakh-Malaysian Business Council. Kazakhstan's companies support Malaysian enterprises based in Kazakhstan. And Malaysian pursues its own interests in Kazakhstan's markets, particularly in renewable energy sources, industry. We work to provide medical, consulting services," said the Malaysian Ambassador to Kazakhstan. 

Within the Forum, the participants have signed six memorandums and agreements on cooperation between governmental organizations and private companies.