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Kazakhstan’s president invites Saudi investors as the two countries plan to strengthen economic ties
RIYADH: The President of Kazakhstan, Kassym-Jomart Tokayev, has invited Saudi companies to invest in this Central Asian country, as it offers many opportunities in the fields of energy, space, recycling, food and agriculture, and construction.
While speaking at the Saudi-Kazakh investment meeting in Jeddah on July 24, Tokayev called for mutual cooperation between the countries to promote investment. He also invited companies like Saudi Basic Industries Corp. to implement joint projects in Kazakhstan.
Tokayev added that Kazakhstan could be the best choice for Saudi Arabia to explore for uranium, as the Kingdom has concrete plans to develop nuclear power plants.
“We are very interested in Saudi Arabia’s technological expertise in the production of green hydrogen. Given the impressive track record of Saudi companies in green energy, I encourage you to explore similar opportunities in Kazakhstan,” he said.
The President further added that Saudi Arabia has supported Kazakhstan by implementing several projects in the fields of education, health, culture and infrastructure, worth more than 120 million dollars in the country.
Speaking about the potential of space exploration, he said, “We also see cooperation in space exploration as a promising field. We are happy to see the Kingdom’s willingness to lead the space program within the framework of the Saudi vision 2030. Both countries have a relevant legal framework for cooperation in research and peaceful use of outer space. -atmospheric.
Kazakhstan is a dynamic economy, according to Khalid Al-Falih
Speaking at the same event, Saudi Investment Minister Khaled Al-Falih called Kazakhstan a “dynamic economy”.
“Some of you may know that Saudi Arabia was one of the first nations to recognize Kazakhstan’s independence in 1991. And within three decades, Kazakhstan has become one of the most dynamic,” Al-Falih said.
He added, “I would like to emphasize that trade between Kazakhstan and Saudi Arabia has increased significantly, especially in recent years, although there is still plenty of room for further development.”
Almassadam Satkaliyev, CEO of Samruk-Kazyna JSC, said the mission of Kazakhstan’s sovereign wealth fund is to ensure the sustainable development of the economy and the creation of a diversified portfolio of assets and business support in the interest of the people of the Republic of Kazakhstan.
Satkaliyev hailed Saudi Arabia’s strategy to achieve carbon neutrality, which will bring large-scale structural changes to the economy. He added that traditional energy sources will continue to play a crucial role in the energy system.
He further noted that Saudi Arabia’s initiatives to develop renewable energy sources are impressive.
The CEO revealed that Kazakhstan plans to diversify its energy baskets.
“We plan to diversify our energy mix by developing renewable energies and new regenerative hydrogen energy. For energy efficiency and reliability, we will introduce energy storage systems and smart grids,” he said.
The investment forum also saw the signing of several agreements and memorandums of understanding, with the Ministry of Culture and Sports of Kazakhstan and the Ministry of Sports of Saudi Arabia having entered into a memorandum of understanding.
Another memorandum was signed between the Ministry of Information and Social Development of Kazakhstan and the Ministry of Media of Saudi Arabia on cooperation in the field of media.
The Saudi Press Agency also signed a memorandum with the Television and Radio Complex of the Republic of Kazakhstan.
The Ministry of Energy of Kazakhstan has also reached an agreement with the Saudi company ACWA Power to work together in areas such as renewable energy, desalination, energy storage and green hydrogen.
During the forum, a cooperation agreement was signed between the sovereign wealth fund of Kazakhstan Samruk-Kazyna JSC and Ajlan and Bros Holding Co.
Ajlan and Bros Holding Co. also signed several memoranda for the export of red meat and for the construction of a sorghum syrup production plant in Kazakhstan.
Al Rajhi International for Investment has signed an agreement with Kazakh Invest National Co. on investment cooperation.