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Friday, September 25th, 2020

Meeting with the Kingdom of Saudi Arabia business people

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by October 25, 2016 Health

The meeting was attended by heads of leading Saudi companies operating on a global level.

The President, in his speech, noted that Saudi Arabia is one of the main partners of our country in the Middle East.

– Currently it is possible to significantly increase the volume of trade between our countries, which amounted to 16.3 million dollars at the end of 2015. To date, there are 17 enterprises with the participation of the Saudi side in Kazakhstan, Nursultan Nazarbayev said.

The President of Kazakhstan highlighted the upcoming trends of economic cooperation between the two countries such as the mining and metals sector, petrochemical industry, agriculture, finance and Islamic banking, and nuclear-powered industry.

Besides, the President noted that Kazakhstan, as well as Saudi Arabia, is resource-rich.

– However, we are implementing reforms directed at diversification of the economy. The strategic objective of Kazakhstan is being included into the 30 developed countries of the world. The main way for achieving this goal is promotion of business activity in the country, and creation of the most favorable conditions for doing business and attracting investment, the President of Kazakhstan noted.

Nursultan Nazarbayev mentioned the systematic measures taken in Kazakhstan to improve the business and investment environment.

– Kazakhstan comes 41st according to the World Bank’s Ease of Doing Business. Administrative barriers for business development have minimized. Currently, there are 10 special economic zones in Kazakhstan, and a liberal tax regime is used in them, he said.

The President of Kazakhstan extended the invitation to Saudi Arabia businessmen to be fully engaged in the implementation of the industrial-innovative development program.

– Whereas, Kazakhstan is prepared to render all-round support in it. An investor, to give one example, is excused from paying corporate income tax and land use tax for a period of 10 years, and the property tax for 8 years, Nursultan Nazarbayev said.

The Head of State also noted that meantime there is a drive to privatize large state property in the country.

– About 800 state enterprises totaling $ 10 billion are tendered to be transferred to the competitive environment. The list consists of property of mining and metallurgical industry, oil refining, energy, transport and communications, as well as infrastructure. We are backing the Saudi companies participating in our ongoing privatization, the President of Kazakhstan said.

Along with that Nursultan Nazarbayev dwelled on the activities of “Astana” International Financial Centre and the forthcoming holding of “EXPO-2017: Future Energy” international trade show.

In turn, the leaders of the Saudi business structures thanked the President for the established congenial investment climate in Kazakhstan and expressed readiness to enhancing cooperation, notably in the field of agriculture, oil refining, metallurgy and nuclear energy.

In conclusion, the President of Kazakhstan has expressed confidence in the development of potentialities and prospects for the win-win partnership, wishing every success to business professionals of Saudi Arabia.

Source: President of the Republic of Kazakhstan

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