Head of State addressed the Kazakhstan-Singapore Business Forum

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Singapore

President Tokayev took part in the Kazakh-Singaporean Business Forum closing ceremony.

In his address, the Head of State highlighted that Kazakhstan is a country with Singapore-style economic reforms, presenting significant untapped opportunities and a vibrant economy.

- My country has initiated fundamental market-driven reforms aimed at bolstering the free market, fostering innovation, and transitioning towards a knowledge-based economy. The reforms are aligned with the highest international standards, including those of the OECD. Recently, I signed a transformative Presidential decree laying the groundwork for significant liberalization of the national economy. To ensure that Kazakhstan remains the region's primary investment destination, we are launching a new investment cycle with a strategic goal of attracting $150 billion in FDI by 2029. Therefore, we recognize the importance of providing to investors comprehensive end-to-end state support and prompt decision-making. That is why we have established a high-powered investment board to oversee strategic investment projects, - the President noted.

Kassym-Jomart Tokayev emphasized that Kazakhstan and Singapore, despite geographical distance, have always been natural partners, both politically and economically.

- We highly value our enduring partnership with Singapore, our leading partner in Southeast Asia. Last year, bilateral trade amounted to $1.8 billion. Total Singaporean investment into Kazakhstan has exceeded $1.7 billion. We believe these figures can double in the coming years. To that end, a strong legal framework is critical to propel our partnership. We have ratified the Kazakhstan-Singapore Bilateral Investment Treaty that enhances protection for mutual investments, - he said.

At the same time, the President outlined a number of promising areas of cooperation. He named the urban development sector as the first task. Kassym-Jomart Tokayev considers the construction of a brand-new integrated metropolis in Kazakhstan an ambitious project.

- This project, envisioned as the "Singapore of Central Asia", is intended to become a leading international business hub. Allocated territory with thousands of square kilometers will be developed within the Special Economic Zone regime. We are pleased to note that the Singaporean company Surbana Jurong has developed a master plan for the project. After this Forum, I will have a discussion with stakeholders on what more needs to be done to turn the vision into reality. We look forward to the active involvement of Singaporean business in this promising endeavor, - said the President.

The President said that Kazakhstan is ready to ensure the supply of critical raw materials and natural resources to Singapore.

- Kazakhstan - with some 5,000 unexplored deposits - can be a steadfast partner to jointly develop their potential, considering the global demand for rare metals will quadruple by 2040. We have high expectations for a lasting partnership with Indorama company, which is interested in exploring copper and phosphate deposits in Kazakhstan, - emphasized Kassym-Jomart Tokayev.

In light of the growing interest in our country's vast renewable energy potential, the Head of State encouraged Singaporean companies to expand their partnerships in clean energy production, technology transfer and expertise.

- Singapore is well-known for its advanced waste-to-energy incineration plants and innovative waste management technologies. We applaud this innovative approach on waste management and seek to forge cooperation in this area, - President noted.

According to him, geographic distance and weak connectivity have been holding back our economic engagement for too long. But today, with globalization and infrastructure development countries are more connected than ever. Kassym-Jomart Tokayev commended the synergetic partnership between "Kazakhstan Railways" and "PSA International" in unlocking the potential of the Trans-Caspian International Transport Route.

- This route can fundamentally change the level of Eurasian cooperation. It is the shortest and most sustainable route from Central and Eastern Asia to Europe. We believe that Singaporean companies and financial institutions can derive significant benefits by exploring business and investment opportunities in this field. I am also delighted that the privatization of our airway company "Qazaq Air" by SOVICO Group (Vietnamese company) will bolster the connectivity between Kazakhstan and ASEAN countries, - noted the Kazakh leader.

Additionally, Kassym-Jomart Tokayev highlighted the significance of collaboration in the agricultural sector. He proposed to Singaporean companies to create collaborative agro-innovation hubs and engage in precision farming and more efficient using of water resources. There are great opportunities for collaboration in biotech and medicine.

- Our pharmaceutical market is one of the fastest growing in the region. Many leading global companies - such as Pfizer, Roche, GE Healthcare and Philips - are planning to localize the manufacturing of medicines and medical equipment. We commend the intentions of establishing an investment fund between national holding "Baiterek" and "Forebright" to finance joint research and production of medicines and biologics, - he said.

The digital sector identified as another promising area to facilitate productivity and economic growth.

According to Kassym-Jomart Tokayev, Kazakhstan, following the path of Singapore, aims to become a leading technological and IT hub on the Eurasia. In particular, our country aims at large-scale cooperation in such areas as R&D projects, startups, and education to create new comprehensive IT projects, especially in the field of artificial intelligence.

In conclusion, President Tokayev drew attention to the competitive advantages of the Astana International Financial Centre in attracting investments.

- Today over two thousand companies from 80 countries work through the AIFC, facilitating investment capital for Kazakhstan and the whole region. More than 30 Singaporean companies are active participants at AIFC and I expect this number to continue to grow. The AIFC has been actively cooperating with the Monetary Authority of Singapore to develop the win-win partnerships in fin-tech, green finance and Islamic banking. The establishment of a Kazakh-Singaporean direct investment fund in the AIFC could serve as a platform to finance joint ventures in both countries, - the President concluded.

At the end of the forum in the presence of the Head of State Kassym-Jomart Tokayev and Deputy Prime Minister - Coordinating Minister for Economic Policies of the Republic of Singapore Heng Swee Keat, the signing ceremony of commercial documents took place.

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