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Kazakh President says UAE vivid example of economic diversification

posted on 19/01/2004: 690 views

President Nursultan Nazarbayev of Kazakhstan yesterday hailed the progress of the UAE, saying that the UAE did not only implement advanced technologies but had also accumulated significant experience and knowledge of its own. In a speech he delivered at a business conference held here under the title "Investment opportunities in Kazakhstan", Nazarbayev said that Kazakh businessmen would appreciate if the UAE shared such information with them, describing the UAE as a vivid example of the diversification of economy.

He said that Kazakhstan was rich in both in natural and skilled human resources. "Our country has a very strong industrial and agricultural potential as well as major transit opportunities as it is advantageously located on the crossroad of the trade routes between Europe and Asia," he added. He said that Kazakhstan paid a great attention to the support of foreign investors, particularly Arab investors, noting that Arab investors' interest in Kazakhstan had increased significantly lately.

"It is with the UAE that Kazakhstan has the largest trade volume among the countries of the GCC states," he said. Nazarbayev pointed out that the number of Kazakh tourists to the UAE had grown, while Kazakhstan had become the main trade UAE trade partner in the Central Asia Region. He said that the experience of the UAE in establishing free zones, developing maritime, land and air transportation as well as the huge development in construction, tourism, banking and IT production was of great interest to Kazakhstani businessmen.

Saeed Saif Jabr al Suweidi, Chairman of the Abu Dhabi Chamber of Commerce and Industry highlighted the great importance that the Chamber attached to establishing stronger trade and economic ties with Kazakhstan. He expressed the hope that trade between the two countries would increase to higher levels, noting that the value of trade between the UAE and Kazakhstan didn't exceed US$ 100 million by the end of 2002. (The Emirates News Agency, WAM)


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