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UAE investments in Kazakhstan reach over $545 mln

A Kazakh delegation at the conference was looking to establish bilateral relations with the UAE in various sectors

Published: Updated:

The UAE’s investments in Kazakhstan stand at over $545 million, with trade values between the two country hitting $135 million last year, an envoy for the ex-Soviet state said this week.

Kazakhstan, Central Asia’s largest economy, is rich in natural resources and energy, although economic growth has slowed dramatically in recent months due to the global collapse of oil prices.

Oil and its derivatives currently make up about 80 percent of the country’s exports – a figure authorities hope to lower in part by courting wealthy investors from the Gulf. In recent months, authorities in Azerbaijan, a fellow former Soviet republic, have made similar overtures.

As well as boosting trade ties, Kairat Lama Sharif, Kazakhstan’s ambassador to the UAE, told investors at a Dubai investment forum that his country was looking to extend tourist visas for UAE visits to 30 days, up from the current 15.

A Kazakh delegation at the conference was looking to establish bilateral relations with the UAE in sectors such as energy, oil, real estate, infrastructure, telecommunications, transportation and logistics, according to a press release from the forum organizer.

Kazakh authorities are also planning a new financial free zone in the capital Astana. Last year, Kazakhstan’s supreme court inked a deal with the arbitration courts of Dubai’s international financial center to help settle any future commercial disputes between firms.