Kazakhstan, Singapore expand cooperation

22 November, 2018, 09:04 698
Kazakhstan, Singapore expand cooperation

Agreements in financial technologies, construction, education, petrochemistry and food industry have been reached. 


On behalf of the head of state, Kazakh Prime Minister Bakytzhan Sagintayev paid a working visit to Singapore, BNews.kz reports referring to primeminister.kz

In the course of his working trip, Prime Minister Bakytzhan Sagintayev took part in the Kazakhstan-Singapore business forum, met with Prime Minister of Singapore Li Xian Lun and discussed cooperation opportunities under the Third Modernization of Kazakhstan's economy with the leading innovative companies. In addition, the HDB Office, A *Star Agency for Science, Technology, and Research, Biopolis Research Center, Fusionopolis startup hub, and the Modelfactory @SIMTech were visited.

About 500 business representatives of the two countries, heads of state bodies and national companies took part in the Kazakhstan-Singapore business forum. During the event, an exchange of views took place on a wide range of issues regarding deepening trade and economic cooperation, the development of priority areas for interaction between business structures of Kazakhstan and Singapore and the implementation of promising investment projects.

Prime Minister Bakytzhan Sagintayev, speaking at the plenary session "The Role of Kazakhstan in Changing Eurasia," noted that Singapore had become one of the most important trades and economic partners of Kazakhstan in Southeast Asia. Today, joint ventures operate in manufacturing, trade, information and communication technologies, construction and finance. At the same time, the business forum participants were told about new investment opportunities in Kazakhstan. The potential for cooperation in such areas as innovation, transport, and logistics, housing, as well as the development of the manufacturing industry and non-primary exports was emphasized.

The Government of Kazakhstan invites Singaporean companies to actively cooperate and implement new joint projects, as well as to participate in the privatization program and the work of the Astana International Financial Center.

Chairman of the AIFC Administration Nurlan Kussainov, Chairman of Zerde NMH Yerlan Durmagambetov, President of Kazakhstan Asia Trade and Investment Chamber Olzhas Zhiyenkulov, Chairman of Kazakh Invest Saparbek Tuyakbaev, Director General of the AIFC International Court of Justice and the International Center of Arbitration Christopher Campbell-Holt, Head for Banking of AIFC Administration Heiner Hartwich, Chairman of the Board of Paladigm Capital Pte Ltd Damir Karassayev, Chairman of the Board of Kusto Group Yerkin Tatishev also spoke at the forum.

On the Singaporean side, the honorary minister of Singapore, former Prime Minister Goh Chok Tong, Senior State Minister of Commerce and Industry Koh Poh Koon, Chairman of Singapore Cooperation Enterprise Kong Wy Mun, Chief Researcher of the Institute of South Asian Studies, National University of Singapore, former Foreign Minister of Bangladesh Dr. Iftekhar Ahmed Chowdhury, Chairman of Meinhardt Group Shahzad Nasim, Chairman of the Food Empire Tan Wang Cheow, Executive Director of CG Corp Global Varun Chaudhary were the speakers.

Discussion of the prospects for deepening cooperation also took place within the framework of the thematic sessions “Studying the Potential of Kazakhstan-Singapore Business Cooperation,” “Investments in Kazakhstan: Mechanisms and Practice.” In addition, the Road Show and a number of business bilateral meetings were held at the forum.

An important result of the business forum was the signing of an intergovernmental agreement on the promotion and mutual protection of investments, as well as other documents designed to intensify cooperation between Kazakhstan and Singapore in ICT and financial technologies, construction, education, petrochemical industry, and the food industry.

As part of his working visit, Sagintayev met with the Prime Minister of Singapore Li Xian Lun. During the conversation, the positive dynamics of foreign trade turnover was noted: last year's results show an increase in bilateral trade by 35%. At the same time, a great potential is indicated for further building up cooperation in all vectors. In particular, in the areas of innovation and IT technologies, transport and logistics, industrialization, construction, education and science, and health care.

The parties identified challenges that open up a vast field for cooperation between countries on digitalization, promoting smart cities, building an innovation network and developing cybersecurity. Sagintayev noted that further development of cooperation is facilitated by both historically established warm relations between countries based on the personal friendship of President of Kazakhstan Nursultan Nazarbayev and the founding father of Singapore Lee Kuan Yew, and the proximity of approaches to international problems and world development. Kazakhstan purposefully follows the path of state modernization, with the adoption of many methods and experience of Singapore and other advanced developed countries.

A number of bilateral meetings were also held in Singapore with representatives of the largest innovative companies on a wide range of issues of developing cooperation and implementing joint projects.

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