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Astana, Kazakhstan • 17 October, 2023 | 10:25

Kazakhstan, Dubai Sign Export Contracts worth Over $37 Million

The Emirate is interested in Kazakhstan’s agricultural, food products, and IT services

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Freepik/tawatchai07
Freepik/tawatchai07

During the trade and economic mission of Kazakh producers in Dubai, export contracts worth more than $37 million were concluded, QazMonitor reports citing the Ministry of Trade and Integration.

Kazakhstan and the UAE have been developing mutually beneficial cooperation for the past 30 years. As Vice Minister of Trade and Integration, Kairat Torebayev, emphasized during the opening of business negotiations, mutual investments have strengthened the economic development of both countries, and they continue to work on the implementation of joint projects.

Fulfilling the task of the President of Kazakhstan to increase trade with the UAE, we are expanding interaction with our partners and assisting businesses in entering the trade markets of both countries. In the medium term, Kazakh companies are prepared to supply approximately 90 types of goods worth $440 million to the Gulf country.

Kairat Torebayev, Vice Minister of Trade and Integration

These goods include products from the metallurgical and chemical industries, the food industry, machinery, vehicles, construction materials, and pharmaceuticals.

According to Madiyar Menilbekov, Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan to the UAE, the Emirates is a key partner for Kazakhstan in the Middle East. The necessary conditions for the development of mutually beneficial trade and economic cooperation are in place. In the near future, the countries aim to increase the trade turnover to $1 billion.

The UAE market is highly attractive to Kazakhstan and is listed as a priority export destination for goods manufactured in Kazakhstan. In 2022, Kazakh entrepreneurs exported products worth $560.3 million to the UAE.

Mohammad Ali Rashed Lootah, President and CEO of the Dubai Chamber of Commerce and Industry, expressed satisfaction that the United Arab Emirates today acts as a strategic trade and economic partner of Kazakhstan in the Arab region.

"Our bilateral trade relations continue to strengthen. Over the past 7 years, the number of Kazakh companies in Dubai has nearly doubled. We hope this trend will continue as the UAE works to expand cooperation between the business communities of the two countries. Dubai serves as the primary gateway to the markets of the Middle East, North Africa, and West Asia. The government and the Chamber of [Commerce—QM] the Emirate are committed to making it as easy as possible to launch and do business in the country," said Mohammad Ali Rashed Lootah in his welcome address to Kazakhstan's business community.

Organic agricultural products of domestic production have significant potential to enter the Gulf market. Just last year, export supplies of meat from Kazakhstan to the Emirates increased by eight times.

After B2B meetings, the total value of export contracts exceeded $37 million. Agreements were reached for the supply of food supplements, agricultural products (including meat), mineral water, confectionery, microspheres, and IT services.

The trade and economic mission to Dubai was attended by 30 Kazakhstani producers of food products, the chemical industry, IT service providers, and others, all of whom represent small and medium-sized businesses. During the business trip, entrepreneurs visited major retail chains such as Carrefour and Lulu Group, the meat store Qazaq Gourmet, met with experts in the field of distribution and IT, and familiarized themselves with the details of marketplaces and the full-field center in Dubai."

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