US$28.9 billion worth of projects available for participation by Singapore companies
Singapore, Tuesday, 17 November 2009 - The Singapore Business Federation (SBF), together with the Embassy of Kazakhstan in Singapore, organised the inaugural Kazakhstan-Singapore Business Forum 2009 & Networking Session, in conjunction with the visit of a Kazakh delegation to Singapore led by H.E. Yerkhat Isskaliev, Vice Minister of Industry and Trade of the Republic of Kazakhstan.
The inaugural forum and networking session provided the 30-strong delegation, made up of senior Kazakh officials and elite businessmen, the ideal platform to highlight Kazakhstan's current economic developments, business and investment opportunities to participants from some 84 Singapore companies from the Oil & Gas, Transportation & Infrastructure, Construction & Real Estate, ICT, Banking and Finance, and Automotive industry.
In his opening remarks, SBF CEO Mr. Teng Theng Dar urged participants to explore the many on-going construction projects which are seeking technology expertise from Singapore companies to develop industrial parks, transport infrastructure, housing and education in the main cities of Kazakhstan.
The Ambassador of the Republic of Kazakhstan to Singapore, Mr. Yerlan Baudarbek-Kozhatayev emphasized the vast economic and business potential, noting that both countries are not only experiencing excellent relations politically, but have also maintained an increase in trade turnover of more than 18% despite the economic slowdown in 2008. The Ambassador noted that the signing of bilateral agreements is key to sustaining the relationship between Singapore and Kazakhstan.
His Excellency Isskaliev, in his address, promoted Kazakhstan as the connecting hub for Europe and Asia. He briefed Singapore businesses on the current developments in the country highlighting its favourable pro-business environment with six special economic zones for the transport logistics, construction manufacturing, textile, petrochemical technologies, information technologies and tourism sectors.
Presentations on business opportunities by senior representatives from Chamber of Commerce and Industry of the Republic of Kazakhstan, Regional Financial Centre of Almaty City, Samruk-Kazyna LLP (Kazakhstan government?s investment arm, an equivalent to Singapore's Temasek Holdings) and Ministry of Transport & Communications of the Republic of Kazakhstan provided Singapore companies with useful market insights, and the government funding support for projects they could potentially participate in.
Mr. Assylkhan Serikov, Deputy General Director of Samruk-Kazyna Invest LLP presented the investment opportunities from a myriad of industries that are available for investment from Singapore companies. Some investment opportunities in Samruk Kazyna include the construction and expansion of existing petrochemical, pharmaceuticals, oil and gas and chemical plants and developing telecommunications and the transport infrastructure. The total project value in Samruk Kazyna amounts to USD 17.4 billion.
In addition, participants from the construction and transport industries benefited from the presentation of infrastructure projects in Kazakhstan by Mr. Bolat Zhansugurov, Deputy Chairman from the Ministry of Transport and communications. Mr. Zhansugurov had shared candidly on the various opportunities present in current infrastructural projects such as building new railways, airports, ports and roads. The total investment volume from these infrastructural projects amounts to 1,384 billion KZT (USD11.5 billion) of which 48% attributed to the developments of railways by 2010.
The feedback from participants was that the forum and networking session provided useful market information and business contacts. Based on the interest expressed by several businessmen to venture into this non-traditional and fast-growing country in the Central Asia region, SBF is planning a mission to Central Asia in 2010.
For more information on Kazakhstan related events, please contact
Cindy Chua
Executive, GBD Europe and Central Asia
Singapore Business Federation
Email: markets.amea@sbf.org.sg
Tel: 6827 6887
About Kazakhstan
Kazakhstan stands out from the former Soviet states as a fast-growing economic powerhouse and the political and economic hub of Central Asia and is one of the more promising markets amongst countries in the Central Asia region for the Singapore business community. Trade between Singapore and Kazakhstan reached SGD44 million in 2008 - a slight increase from 2007. Kazakhstan is ranked as Singapore's 134th largest trading partner in 2008 with the balance of trade in Singapore's favor.
Imports from Kazakhstan remains relatively low and has decreased 48% from SGD2.5 million in 2007 to SGD1.3 million in 2008. Its key imports include construction materials such as stone and gravel, hand and machine tools, and inorganic chemical products. Exports into Kazakhstan increased 3.64% from SGD41.2 million in 2007 to SGD42.7 million in 2008. The top export items are food products like coffee, tea and vegetable oil products and civil engineering equipments. Just these components alone attributed to 55.42% of total trade.
Although the country was not spared in the recent global economic downturn, the increasing oil prices and the sound macro-economic policies have placed the country in a relatively favourable position to weather the challenging conditions.
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