Dubai, Kazakhstan keen to boost economic ties

Investing in the promising markets of Central Asia will help enhance the competitiveness of Dubai business, Hamad Buamim, director-general of the Dubai Chamber of Commerce and Industry, said during the country focus briefing on Kazakhstan. Organised by the Dubai Chamber, it was held in association with the Consulate General of the Republic of Kazakhstan, Kazakhstan Chamber of Commerce and Industry and the Kazakhstan National Agency for Export and Investments, or Kaznex Invest, at the Dubai Chamber premises on Tuesday. Buamim called upon Dubai-based companies to expand their business interests in the promising markets of Central Asia and the Caucasus that offer excellent investment opportunities in the areas of energy resources, construction, financial, logistics and transport sectors. He further emphasised that today’s competitive business environment demands traders to be innovative and not to hesitate to explore untapped markets of the world if they want to be ahead of the rest. In his welcome address, Buamim said that as part of its new strategy, the Dubai Chamber will be opening first of its overseas representative offices by the end of this year, one of which is in neighbouring Azerbaijan, which will serve as a gateway to the region while offering business opportunities in several countries across Central Asia, including Kazakhstan. Buamim reaffirmed the Dubai Chamber’s commitment to providing all the support to Kazakhstan businesses in establishing joint partnerships under the Dubai Chamber’s strategic objectives of creating a favourable business environment and promoting Dubai as an international business hub. He called upon Kazakhstan investors to benefit from the competitive investment potential offered by the emirate which he said is a gateway to the region as Kazakhstani companies look for a stable and prosperous base to expand into the Middle Eastern, African and Southeast Asian markets. “Dubai is an excellent example of how a country can diversify its economy into a number of different industry sectors. Our economy has moved away from oil reliance and is now focused on trade, tourism, logistics and financial services which are the main drivers of the emirate’s economy and are lucrative areas for foreign direct investments,” said Buamim. Kazakhstan is ranked 58th on the list of Dubai’s top trading partners as the emirate’s non-oil trade with the country last year valued more than Dh2.5 billion, of which imports were Dh763 million and exports and re-exports at Dh1.74 billion. The briefing session had opening remarks by Askar Shokybayav, consul-general of Kazakhstan, and presentations by Ayan Yerenov, vice-president of Kazakhstan Chamber of Commerce and Industry, and representatives of Kaznex Invest. Shokybayav said that the trade volume between the two countries was very low and expressed his desire to see a substantial increase; to that effect, high-profile trade delegation from Kazakhstan, headed by the country’s Minister of Industry, will be visiting Dubai in the next two months. Gafur Ikhsan, co-chairman of the Kazakhstan-UAE Business Council, lauded the role of Dubai which he said is a model city with world-class infrastructure, logistics and financial facilities and attracts investors from all over the world. “We are working with our Dubai colleagues to attract investors to establish businesses in Kazakhstan which is a very interesting business destination and open to offer all facilities to overseas investors who are more than welcome to our promising country,” he said. From : Khalij