Kazakhstan agrees with Qatar and Singapore on reciprocal investment promotion and protection

Kazakhstan agrees with Qatar and Singapore on reciprocal investment promotion and protection

Kazakhstan has entered into agreements with Qatar and Singapore on reciprocal investment promotion and protection. The Mazhilis, a lower house of the Kazakh Parliament, ratified these agreements and submitted the documents to the Senate for consideration. It is worth noting that the agreement with Qatar was signed over a year ago, in October 2022, with the aim of creating favorable conditions for investment activity, stimulating the inflow of foreign direct investment, and enhancing the economic well-being of both countries. As highlighted in the Mazhilis, Kazakhstan and Qatar are ready to strengthen their multilateral cooperation, primarily in the trade and energy sectors. According to Mazhilis members, domestic producers are ready to supply food products, including meat, caviar, fish and honey, to the Qatari market.

“Kazakhstan sets significant tasks aimed at increasing the marketable gas resource base and producing high-value-added products through the development of gas processing, gas chemistry, and the construction of liquefied natural gas plants. Over years of cooperation, our states have affirmed a mutual commitment to open political dialogue and the continued strengthening of active trade, economic, investment, cultural and humanitarian cooperation,” said Mazhilis member Serik Yegizbayev.

Kazakhstan inked a similar agreement with Singapore in 2018. Presently, investments from Singapore in the country have reached nearly $1.5 billion, with the mutual trade volume approaching $2 billion in monetary terms. MPs believe that ratifying the document will attract even more Singaporean capital to the country and facilitate the establishment of new joint ventures, following the example of existing projects. These include the construction of a cement plant and a coffee factory.

“The adoption of the agreement will support the implementation of planned initiatives by establishing favorable conditions for investors from both countries, providing legal guarantees for the promotion and protection of investments. Singapore is a global leader in investment attractiveness, ease of doing business, and holds numerous top positions in international rankings. Investments in business projects in Singapore are highly secure, and national legislation takes into account the interests of investors from other countries to the fullest extent,” said Mazhilis member  ¤Baktykozha Izmukhambetov.

In the Mazhilis, it was highlighted that Kazakhstan has concluded 49 bilateral agreements in the investment sphere. Another agreement - with Saudi Arabia - is planned to be signed by the end of the year.