Kazakhstan and Saudi Arabia will sign an Agreement on mutual investment facilitation and protection

Kazakhstan and Saudi Arabia will sign an Agreement on mutual investment facilitation and protection

The need to accelerate the signing of this agreement was announced by the Head of the Chamber of Commerce and Industry of Al-Qassim province, Mr. Muhammad Abdulkarim al-Hanaya during the webinar "Business and Investment Opportunities between Kazakhstan and Saudi Arabia".

The event was attended by the Ambassador of the Republic of Kazakhstan to the Kingdom of Saudi Arabia B. Aryn, the management and members of the CCIs of Jeddah and Al-Kassim, representatives of the Astana International Financial Center, as well as Kazakh national companies KAZAKH INVEST, Kazakh Tourism, QazTrade, etc.

From the Saudi Arabia side, 20 companies, including SALIC (Saudi Agricultural and Livestock Investment Company), Saudi Agricultural and Livestock Investment Company owned by the State Investment Fund of the Kingdom of Saudi Arabia, and others participated in the event. 

In his welcoming speech, the Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan to the Kingdom of Saudi Arabia B. Aryn called on Saudi businessmen to contribute to strengthening the ties of friendship and cooperation between the two countries through more active participation in the implementation of joint projects and expansion of contacts with Kazakh partners, etc.

The Deputy Director of the Project Management Department of KAZAKH INVEST Saule Sabyr spoke about the policy pursued by the Government of the Republic of Kazakhstan to create a favorable investment climate, provide guarantees and preferences for foreign investors in the agricultural industry, government support measures and investment projects.

“Kazakhstan is an attractive economy for investment. The main reasons include, among others, our strategic location, favorable business environment, investor protection and our investment incentives. The system of state support for investors is multi-level and includes various sectoral benefits, as well as an investment contract, under which investment projects are exempted from paying corporate income and land taxes, as well as property tax, ” – said Saule Sabyr.

Along with this, Kazakh representatives presented promising investment projects in the field of tourism and light industry. The speakers also presented the activities of the AIFC on the development of Islamic finance and the creation of a convenient ecosystem in Kazakhstan for foreign investors. In addition, businessmen from Saudi Arabia were also familiarized with the range of export products from Kazakhstan.

The Head of the Chamber of Commerce and Industry of Al-Qassim province, Mr. Muhammad Abdulkarim Al Hanaya, in turn thanked for organizing a productive dialogue and detailed presentation of all the advantages of implementing investment projects and doing business in Kazakhstan, and also noted the need to achieve progress and completion of the signing between the two countries of the Agreement on Mutual Facilitation and Protection of Investments, which, according to him, will give a powerful impetus to Saudi investments in Kazakhstan.

The event was organized by KAZAKH INVEST together with the Embassy of the Republic of Kazakhstan in Saudi Arabia, the Chambers of Commerce and Industry of Jeddah and the province of Al-Qassim.

 

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