Home Middle East Saudi-Kazakhstan Investment Meeting 2022

Saudi-Kazakhstan Investment Meeting 2022

The President of Kazakhstan, Kassym-Jomart Tokayev arrived in Jeddah on Saturday, July 23rd, to hold bilateral talks with his Saudi counterpart. On arriving, he was received at King Abdulaziz International Airport by Makkah Gov. Prince Khaled Al-Faisal, accompanied by Abdul Rahman Al-Fadli, the Minister of Environment, Water and Agriculture.

The two ministers discussed various aspects of their bilateral relations and ways of boosting cooperation in various sectors which will be mutually beneficial to both. Saudi Arabia and Kazakhstan signed thirteen Memorandum of Understandings (MoUs), a joint statement carried out by the official Saudi Press Agency, showed on Monday.

Both the two leaders started off their meeting by praising their economic and investment bilateral relations and agreed on further enhancing their cooperation with new partnerships and investment opportunities that are in line with the KSA’s ‘Saudi Vision 2030’ and Kazakhstan’s ‘Kazakhstan 2050 Strategy.’

Opportunities to promote the development of joint media between the two countries and the opportunities to foster their bilateral cooperation in the fields of radio, television and news agencies were also discussed.

They also applauded the Saudi-Kazakh Joint Committee, for the positive outcomes. The MoUs were signed pertaining to the private sector including, the stock sector, the fields of medicine, sports, tourism and finance and also closed deals in energy, food, and medicine. Discussions were made to enable private sector partnerships and encourage investments from both countries in key sectors, including renewable energy, mining, agriculture, logistics, transport, and petrochemicals, nuclear energy, the production of green hydrogen, space exploration and other areas including information technology, which is corresponding to the countries’ digital transformation efforts.

In the fields of trade and tourism, both leaders agreed to increase direct flights between the two countries and create multiple shipping transport routes.

The MoUs signed between the countries showcased a joint impetus to expand global power capabilities while indicating a growing global recognition of the investment opportunities available across diverse Saudi sectors. They included:

  • A GTG investment agreement between the Saudi Ministry of Sports and the Kazakh Ministry of Culture & Sports to support the thriving sector;
  • Agreements between the Ministry of Media of Saudi Arabia and the Ministry of Information and Social Development of Kazakhstan, as well as between the Saudi Press Agency and Kazakhstan’s TV and Radio Complex, for information exchange;
  • Cooperation agreements between Saudi Arabia’s Ajlan & Bros Holding Group and several Kazakh partners governing such commercial activities as meat exports; and
  • An MoU between Saudi stock exchange Tadawul and Astana International Exchange Ltd.

The Investment Meeting was attended by representatives, chambers of commerce and trade organisations from both countries, who took part in the B2B and G2B meetings to explore the investment opportunities mutually beneficial for both nations.

Both leaders also had a discussion on climate change and agreed on the importance to adhere onto the Paris Agreement. Both expressed mutual support for the “Saudi Green Initiative” and “Green Middle East” plans, which were launched by the Kingdom, as well as Kazakhstan’s “Green Bridge Partnership Program.”

Concerning education, both sides agreed to enhance the level of joint cooperation in higher education, research, and innovation as well encourage direct cooperation between universities and scientific and educational institutions in the two countries. They also agreed on utilising the advance digital technologies to support the continuity of education in times of crisis.

The President of Kazakhstan and his delegation also appreciated the successful efforts of the OPEC+ countries in strengthening stability in the global oil market, stressing the importance of continuing this cooperation and the need for all participating countries to adhere to the agreement.  

The Kazakh President said, “Kazakh-Saudi relations are now at a high level. However, we would like to give a new impetus to cooperation. This decision meets the common interests of our countries. I am confident that our mutually beneficial relations will continue to strengthen in the future.” He also described Saudi Arabia as “one of Kazakhstan’s leading strategic partners.” 

Mohammed bin Salman also expressed satisfaction with the level of cooperation between the two countries and noted the great potential for further boosting and developing these ties.

According to the SPA, Saudi Arabia has cherished the support of the Kazakh government for Riyadh’s bid to host Expo 2030.

Concluding the visit, President Qasym-Jomart Toqayev of the Republic of Kazakhstan invited King Salman bin Abdulaziz Al Saud to the 7th World Conference of Leaders of World and Traditional Religions, which will be held on 14-15 September 2022, and to the 6th Conference on Interaction and Confidence Building Measures in Asia (CICA), which will be held from 12 to 13 October 2022 in the Kazakh capital, Nur-Sultan.

LEAVE A REPLY

Please enter your comment!
Please enter your name here