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In the margins of the 9th meeting of the Kazakhstan Pakistan Intergovernmental Joint Commission on trade, economic, scientific, technical and cultural cooperation, the Kazakh delegation took part in a discussion of the current state of Kazakhstan Pakistan cooperation and growth prospects, taking into account the mutual interest of both countries in expanding cooperation, reports with reference to the press service of the National Company.

Co chair from Kazakhstan’s side was First Deputy Minister of Foreign Affairs Shakhrat Nuryshev, Pakistan’s side was represented by Secretary of the Ministry of Foreign Affairs Sohail Mahmood.

Two co chairs noted a decrease in the dynamics of trade and economic relations between Kazakhstan and Pakistan with the existing high unrealized economic potential of the two countries. In turn, the participants of the meeting stated the need to actively build up mutually beneficial cooperation in a wide range of areas.

During the discussion, the sides noted that establishment of direct transport links between Kazakhstan and Pakistan is a possible way of expanding interstate cooperation. There is also creation of conditions for dialogue between business representatives of the two countries, as well as greater awareness of each other’s modern development and new opportunities for interaction.

The participants of the meeting of the Commission’s working groups identified the following priority areas for enhancing bilateral cooperation: trade, investment, transport, energy, agriculture, healthcare, pharmaceuticals, tourism, science and education, etc.

Kazakhstan’s delegation included representatives of the Ministries of Foreign Affairs, Healthcare, Agriculture, Trade and Integration, Industry and Infrastructural Development, Energy, Tourism and Sport, as well as KAZAKH INVEST National Company JSC.

Deputy Chairman of the Management Board of KAZAKH INVEST Birzhan Kaneshev told about measures taken to increase the investment and innovation attractiveness of Kazakhstan. Thus, the speaker noted that the work to improve the investment climate over the years of independence allowed attracting large companies, while the influx of foreign direct investment in Kazakhstan for the specified period amounted to more than $ 340 billion.

The speaker also emphasized that last year 90% of FDI received in Central Asia was invested in Kazakhstan. It was also noted that Kazakhstan is actively developing new industries and businesses, for example, aerospace industry. So, this year, in cooperation with Airbus Defense, it is planned to manufacture satellites in the city of Nur Sultan.

Work is also underway to modernize the Baikonur Cosmodrome, in cooperation with investors from the UAE and the Russian Federation. In addition, this year there has been an increase in activity in the automotive industry. In traditional industries such as petrochemicals, agriculture, mining and metallurgy, KAZAKH INVEST focuses on high value added projects. The speaker also paid special attention to projects in agriculture, tourism, textile industry and invited partners to study the potential of doing business in Kazakhstan, as well as invited potential partners to participate in further expansion of cooperation and substantive elaboration of projects, indicating the willingness to provide detailed information on each project and options providing services to investors.

Also during the visit to Islamabad, the representative of KAZAKH INVEST took part in a meeting with the Chairman of the Islamabad Stock Exchange and the Vice President of the Federation of Chambers of Commerce of Pakistan. During the meetings, it was noted that the main task of KAZAKH INVEST in the processes of attracting investments and increasing the investment climate, as a single negotiator on behalf of the Government on investment issues, is to create comfortable conditions for foreign investors to work in Kazakhstan.

Based on the results of the Commission’s work, a final protocol was adopted containing practical measures for the further development of trade, economic, technical and humanitarian cooperation between Kazakhstan and Pakistan. The next meeting of the Kazakhstan Pakistan Intergovernmental Commission is planned to be held in the city of Nur Sultan in 2021.

Source: Kazakhtan 2050