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No problems with Saudi Arabian investments to Kazakhstan: deputy minister

Business Materials 18 May 2009 20:36 (UTC +04:00)

Kazakhstan, Astana, May 18 / Trend K. Arinova /

There are no problems in giving preferences to Saudi Arabian investors, Kazakh deputy minister of industry and trade Zhanar Aytzhanova said. She commented request of Saudi Arabian delegation head, chairman of the agency on Saudi Arabian investments Amr Dabbaha voiced on Kazakh-Saudi Arabian business-forum in Astana.

"With regarding to the same preferences giving, we have no different regime for Kazakh and foreign investments by legislation. We have the same regime for all, especially private property and export of capital," Zhanar Aytzhanova said in the lobby of Kazakh-Saudi Arabian business-forum in Astana.

She said that now Saudi Arabian businessmen are interested in private property on land where construction of houses and enterprises will be launched.  

"All these issues are removed by legislation. There will be no obstacles for Saudi Arabia to enter our market. Saudi Arabia has great capital and we are interested in their increase," deputy minister said.

She added that Kazakhstan considers petrol chemistry, agriculture, cattle breeding, construction and tourism as the most priority spheres for cooperation with Saudi Arabia.  

"If they invest in construction, issue on land is positive but land for construction of buildings and plants is given to private property," Aytzhanova said. 

But businessmen of this country are interested in agriculture, especially grain production. Taking into account practice of other countries, Saudi Arabian investors prefer to buy land for agriculture. 

Turnover between our countries hits $68 million as a result of 2008, ambassador of Kazakhstan to Saudi Arabia Kairat Lama-Sharif said.

"Roughly $65 million falls on export but $2 million for import. But we would like to reach turnover to $500 million owing to Kazakh grain export - wheat and barley. So, over 100 grain companies from Saudi Arabia arrived in Astana now," Lama-Sharif said.

Presently, total area of free lands hits 34.4 billion hectares, vice minister of agriculture Arman Yevniyev said.

"But agricultural lands are given to foreigners for 10 year rent with a right to prolong this term every 10 years," Yevniyev said. 

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