Malaysia to invest in Kazakhstan

Jun 07, 2011 12:00 AM

by Audrey Edwards

Five signature projects will be carried out in Kazakhstan that will become the catalyst for more Malaysian investments in the Central Asian country.
Prime Minister Datuk Seri Najib Tun Razak said the projects included investments in a Kazakh Islamic bank, oil and gas exploration by Petronas, cattle breeding, energy generation and the construction of a hotel. The projects will begin as soon as possible.

Najib said the Kazakh Government had agreed to let Malaysia train its officials in Islamic banking.
“We will identify the investor for the Islamic bank here,” he said after meeting President Nursultan Nazarbayev and Prime Minister Karim Massimov.

A Memorandum of Understanding was signed between the Jambul district of Kazakhstan and National Feedlot Corp on cattle rearing, while their produce would be exported to Malaysia and neighbouring countries.
Najib said a subsidiary of Genting Group had started negotiations to build an independent power plant of 200 MW.

“The president also suggested that Malaysian companies build a hotel in Kazakhstan with architecture that reflects Malaysia,” he said, adding that China and Abu Dhabi had also been invited to do the same.
A business council between both countries would also be formed, he added.

Najib said Kazakhstan was willing to accept more foreign investments, adding that conditions for Malaysian investments have also improved. He also suggested that Kazakhstan issue sukuk or Islamic bonds in Malaysia.
Earlier, Nazarbayev described Malaysia as an “Asian tiger”, adding that Kazakhstan had learnt a lot from it.

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