Kazakhstan-Saudi Arabian Business Forum

Kazakhstan-Saudi Arabian Business ForumMr.Aidar Sarymsakov, Senior Partner at GRATA, and Mr.Samat Daumov, Director of GRATA Astana office, took part in the second meeting of Kazakhstan-Saudi Business Council ("Business Forum") called «Kazakhstan and Saudi Arabia: Partners in the Development» that was held in Rixos President Astana Hotel in Astana on May 18 - 19, 2009.

The heads and representatives of about a hundred of Saudi Arabian large companies and funds, engaged in various sectors of the economy, including the field of investments, participated in the meeting.

Prime Minister of the RK Karim Masimov, the RK Ministers of Energy and Mineral Resources, Industry and Trade, and Agriculture, the heads of Samruk-Kazyna National Well-Being Fund and social-and-business corporations, and other Kazakhstan governmental and private structures and financial institutions took part in the Business Forum.

The co-chairman of the Kazakhstan-Saudi Business Council in the Kingdom of Saudi Arabia, Abdurahman az-Zamil, informed at the Kazakhstan-Saudi Arabian Business Forum that Saudi Arabia suggests Kazakhstan creating joint transport company with the help of Islamic Development Bank, "Kazakhstan Today" agency reported.

In his turn, the Prime Minister of Kazakhstan, Karim Masimov, during Business Forum stated that he considers necessary to raise mutual relations between Kazakhstan and Saudi Arabia to a higher level.

In the course of the meeting, the participants discussed practical issues with regard to Saudi Arabian partners' participation in implementation of important large-scale projects in the Republic of Kazakhstan, mechanisms and ways of further interaction, creation on the territory of the regions of Kazakhstan of joint ventures for production of various products, including growing and production of agricultural products and etc.

Co-Chairman of the Saudi part of the intergovernmental commission, Chairman of the Board of the Saudi Arabian General Investment Authority (SAGIA) Amr Al-Dabbagh spoke at the Kazakh-Saudi Arabian Business Forum. According to him, the potential of economic cooperation between Kazakhstan and Saudi Arabia is underachieved. While the total volume of the foreign investments of Saudi Arabia is up to USD 500 bln, only KZT 300 mln of it are distributed in Kazakhstan. A.Dabbagh informed that representatives of Saudi business structures applied the Saudi Government with a request to make an agreement with the Kazakh Government on provision of Saudi businessmen with all preferences, used by Kazakh entrepreneurs. They are ready to invest into Kazakhstan if full possession of property is provided. Besides, another condition for investments is provision of Saudi businessmen with the right to manage their incomes from the investments. The co-chairman of the Kazakhstan-Saudi Business Council in the Kingdom of Saudi Arabia, Abdurahman az-Zamil informed at the Kazakhstan-Saudi Arabian Business Forum that Saudi Arabia suggests Kazakhstan cancellation of visa mode to develop tourist branches and attract investments, "Kazakhstan Today" agency reported.

The private business of Saudi Arabia is ready to invest big funds into the agriculture and agro-processing industries.

The bilateral meetings that were held among the participants created a great opportunity for companies to discuss future perspectives of cooperation.