Kazakhstan to construct petrochemical complex in co-op with UAE
BAKU, Azerbaijan, Jan. 28
By Nargiz Sadikhova - Trend:
Kazakhstan is negotiating with the UAE’s Mubadala investment company to implement a project to build a petrochemical complex for the production of polypropylene in Kazakhstan, Kazakhstan’s President Kassym Jomart Tokayev said, Trend reports with reference to Kazakh president’s press office.
Tokayev spoke about Kazakhstan’s economic and investment potential at a round table with participation of the UAE’s business community, held during the official visit of Tokayev to the UAE, which started on Jan. 27, 2020.
Tokayev stressed that Kazakhstan and the UAE have made significant progress in almost all areas of cooperation.
“From January through November 2019, the mutual trade turnover increased by 10.3 percent compared to the same period in 2018 and amounted to $500 million. The volume of direct investments from the UAE to Kazakhstan amounted to $2.1 billion, while investments from Kazakhstan to the UAE reached $1 billion. About 350 legal entities, branches and representative offices from the UAE are successfully operating in Kazakhstan. We have an ambitious plan to implement joint investment projects worth $11 billion,” Tokayev noted.
Tokayev also expressed confidence that Kazakhstan and the UAE have a huge potential for expanding cooperation.
“We are currently negotiating with the Mubadala investment company to implement a $6.6 billion project to build a petrochemical complex for the production of polypropylene in the Atyrau region. Our joint project can be a good example of the fact that the economy of Kazakhstan pays great attention to the processing industry and industrial development,” he said.
Tokayev drew the attention of the UAE businessmen to the great prospects opening up in agricultural cooperation.
“Kazakhstan has land, technology, and logistics capabilities to supply organic and environmentally friendly agricultural products to the Arab market. Joint projects for the production of Halal products, meat and poultry, and processing of oilseeds are also of great interest,” he said.
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