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Astana, Kazakhstan • 17 May, 2024 | 15:38
1 min read

Kazakhstan, Malaysia Sign Agreements Worth $350 Million

The prime ministers of both countries held an investment round table in Astana

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primeminister.kz

Kazakhstan and Malaysia signed agreements and memorandums worth $350 million in various sectors, including trade development, Islamic finance, food processing, mining, gold processing, and the joint production of transformer and motor oil, QazMonitor reports citing primeminister.kz.

What happened: On May 17, the Prime Ministers of Kazakhstan and Malaysia, Olzhas Bektenov and Anwar Ibrahim, held an investment round table in Astana with representatives from the business communities and academia of both countries.

Trade turnover plans: Malaysia is a key trade and economic partner for Kazakhstan in Southeast Asia. Over the past year, bilateral trade turnover increased from $150 million to nearly $245 million. The parties aim to surpass the pre-pandemic mutual trade figure of $650 million.

  • The Kazakh side plans to diversify its exports to Malaysia and invites Malaysian businesses to explore opportunities in services, manufacturing, finance, education, subsoil use, agriculture, and construction.

  • Currently, 48 companies with Malaysian capital operate in Kazakhstan, and 17 joint investment projects worth over $410 million are underway.

  • The Malaysian side intends to strengthen cooperation in tourism, education, energy, and the supply of Kazakhstan-made halal products.

Agreements: The discussions led to agreements to deepen investment ties and jointly explore new markets. The signed documents, totaling over $350 million, aim to attract investment in Islamic finance, trade development, food processing, mining, gold processing, and the joint production of transformer and automotive oil.

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