Kazakhstan and Canada discussed issues of cooperation in the post-COVID period
Kazakhstan and Canada discussed issues of expanding trade, economic and investment cooperation at the final plenary session of the IV meeting of the Kazakhstan Canada Business Council "Post Pandemic Kazakhstan and Canada Cooperation: Recovery and Development" (KCBC) in the online conference format.
Over 700 representatives of Kazakh and Canadian sectoral ministries, government bodies, foreign institutions and associations, as well as international experts and members of the business community of the two countries participated in the KCBC.
At the event, the speakers from the Kazakh side included the Ambassador of Kazakhstan to Canada H.E. Akylbek Kamaldinov, Minister of Ecology Geology and Mineral Resources Magzum Mirzagaliyev, Minister of Agriculture Saparkhan Omarov, CEO of KAZAKH INVEST Baurzhan Sartbayev and the Chairman of "NAC KazAtomprom" JSC Galymzhan Pirmatov.
The Canadian side was represented by the Ambassador of Canada to Kazakhstan, Kyrgyz Republic and Tajikistan H.E. Nicholas Brousseau, Parliamentary Secretary to the Minister of Small Business, Export Promotion and International Trade Rachel Bendayan, MP, Prime Minister's Special Representative for the Prairies, Former Minister of International Trade Diversification and Former Minister of Natural Resources Jim Carr, President and CEO of Cameco Corporation Timothy Gitzel, Former Ambassador of Canada to Kazakhstan Margaret Skok, etc.
Opening the plenary session, the Chairman of Canada Eurasia Russia Business Association (CERBA) Gilles Breton noted that for over 5 years, the Council had provided an effective platform for stakeholders and experts to exchange information and to have a meaningful business dialogue.
“In the new prevailing circumstances, nurturing the Canada-Kazakhstan economic relationship will continue to be a worthwhile objective that we will pursue. Also, we hope for active interaction of the business communities of the two countries for the implementation of joint investment projects. We positively assess the actions of the Government of Kazakhstan to minimize the negative effect on the country's economy, including development of favorable investment climate,” - said Gilles Breton.
During the plenary session, the CEO of KAZAKH INVEST Baurzhan Sartbayev made a presentation on the investment potential and opportunities of the priority sectors of Kazakhstan’s economy.
“Today Kazakhstan is Canada’s largest trade and investment partner in Central Asia. In fact, over the past 15 years, FDI from Canada to Kazakhstan has exceeded $5 billion. In Canada’s Global Markets Action Plan, Kazakhstan is designated as a priority emerging market with a wide range of opportunities for the Canadian companies. In turn, we see a strong interest of Canadian business in doing business in Kazakhstan. KAZAKH INVEST can offer potential partners projects in various priority sectors with a ready-made business plan, financial model and a local partner. In addition, we are ready to accompany projects at all stages of implementation, from an initial idea to commissioning as well as in the post-investment period,” – highlighted the speaker.
In turn, the Chief Economist of Global Affairs Canada Marie-France Paquet noted: “ Canada's commercial linkages with Kazakhstan are mostly of Canadian direct investment in Kazakhstan and imports of uranium. Canadian FDI in Kazakhstan is 20 times value of exports, and has been on the rise in last 5 years. The CAGR of foreign investments from Canada to Kazakhstan has been close to 26% between 2015 and 2019. As such, Kazakhstan is the 8th destination for Canada in terms of investment in the Asia and Oceania region".
During the event, the parties discussed the prospects for cooperation and implementation of investment projects in such industries as agriculture, healthcare, education, metallurgy, energy, construction, transport and aerospace.
It is worth noting that since independence of Kazakhstan, the gross inflow of foreign direct investment from Canada amounted to $6 billion.
For reference: Establishment of the Kazakhstan Canada Business Council (KCBC) was one of the key measures to develop bilateral business relations between Canada and Kazakhstan. Considering that the uranium industry takes a leading position in bilateral cooperation, the Chairman of the Board of NAC Kazatomprom JSC Galymzhan Pirmatov and President and CEO of Cameco Corporation Timothy Gitzel are co-chairs of the KCBC. The organizer of KCBC is the Canada Eurasia Russia Business Association (CERBA).
