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Kazakhstan and the United Arab Emirates (UAE) have signed a number of commercial agreements under which the two countries will implement investment projects worth $900 million.
Documents aimed at strengthening cooperation in a wide range of economic fields were signed as part of Kazakh Prime Minister Ali Khan Smailov’s visit to Abu Dhabi this week.
“The Kazakh government continues to improve the investment climate,” Smailov said, calling on Emirati partners to take advantage of all available cooperation opportunities.
“Despite the crisis in the world, foreign direct investment inflows to our country in the first quarter of this year increased by 54% to US$6.8 billion,” he added.
The UAE is Kazakhstan’s main strategic, trade and economic partner in the Arab region, especially in the fields of petrochemicals, energy, transport, logistics services, agriculture and aerospace.UAE direct investment in Kazakhstan over the past 16 years amount more than $2.6 billion.
Meanwhile, in Abu Dhabi, Smailov met with Musabbeh Al-Kaabi, the head of the UAE state-owned Mubadala Investment Company, which has $285 billion in assets and is ranked 13th in the world’s rating by sovereign funds. . After the meeting, Al-Kaabi expressed interest in investing in Kazakhstan’s green energy, finance, mining and oil and gas industries.
As part of the visit, Smailov also negotiated with Mohammed Al Suwaidi, Managing Director and CEO of ADQ, one of the largest holding companies in the region with direct and indirect investments in more than 90 companies.
In total, the Kazakh delegation presented 40 investment projects worth US$6.5 billion to Emirati companies in the fields of mining, agriculture, oil and gas, and construction.
“We have great potential in the energy, chemical, agricultural, mining and metallurgical complexes. In this context, I would like to propose participation in the implementation of new projects specially prepared taking into account the current world situation.” News Service.
Smailov also highlighted the potential of the Trans-Caspian International Trade Route (TITR), known as the “Intermediate Corridor”, as a major hub for realizing the potential of transcontinental trade and attracting private investment. Smailov said Kazakhstan is actively developing trans-Caspian international shipping routes and plans to build a shipyard on the Caspian coast.
TITR travels from Lianyungang seaport in China to the China-Kazakhstan border, then through Kazakhstan, the Caspian Sea, Azerbaijan and Georgia to Europe. The goods are transported by rail to the Kazakh seaports of Aktau and Kurek, and then by ship via the Caspian Sea to the Baku International Maritime Trade Port (Baku Port) in Azerbaijan. In Azerbaijan, containers are transported along the 826 km Baku-Tbilisi-Kars railway to Georgia and finally to Türkiye. The route is further divided into two, both leading to Europe – one passing through the Turkish cities of Mersin and Istanbul and the Mediterranean Sea. Meanwhile, another stretches through the Black Sea to the Ukrainian city of Chernomorsk.
In 2021, TITR’s transit and container traffic exceeded 25,000 twenty-foot equivalent units (TEU), a 20% increase from 2020. Participating countries intend to increase the volume of cargo along the route sixfold to 3.2 million tons per year.
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