UK direct investments in Kazakhstan exceed $10 B

Astana, Kazakhstan, Nov.7

By Daniyar Mukhtarov - Trend:

The volume of trade turnover of Kazakhstan and the UK for the first half of 2014 exceeded $643 million, the Minister for Investment and Development of Kazakhstan Asset Issekeshev said Nov.5 during the first session of the Kazakh-British Intergovernmental Commission on Trade and Economic, Scientific and Technological and Cultural Cooperation in Astana.

"The inflow of direct investment from the UK to Kazakhstan in the period from 2005 to the first quarter of 2014 amounted to about $10.5 billion," Issekeshev said.

The British delegation was headed by the Minister for Trade and Investment Lord Ian Livingstone. During the meeting, he said that British companies are interested in participating in the second five-year plan of industrialization of Kazakhstan.

In order to further strengthen economic relations the parties agreed to continue active cooperation between the British UK Trade & Investment (UKTI) and KAZNEX INVEST. In particular, KAZNEX INVEST handed over to the UKTI a list of 40 promising investment projects in Kazakhstan, related to the field of mechanical engineering, chemistry, pharmaceuticals and agricultural business.

In the field of geology and mineral use they have reached an agreement on the provision of the consulting support in creating a world-class geological cluster Nazarbayev University Research and Innovation System (NURIS) and Kazgeologiya JSC by the UK companies and research institutes.

Kazakhstan and the United Kingdom also welcomed the cooperation of Kazgeologiya JSC and Rio Tinto for the implementation of joint projects for exploration porphyry copper ores on the Balkhash-Saryshagan area and Korgantas plot in the Karaganda region.

Technological cooperation will be implemented throughout the exploration work. It provides for the transfer of new technologies and training of employees of Kazgeologiya JSC by the Rio Tinto company.

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