Business | Economy
Trade with Kazakhstan set to reach $300m
Bilateral ties open new opportunities, envoy says
- WAM
- Published: 00:00 September 5, 2010
Abu Dhabi: Trade between the UAE and Kazakhstan is projected to rise to $300 million (Dh1.1 billion) from $197 million last year, a diplomat said.
Askar Mussinov, Kazakhstan's ambassador to the UAE, said, bilateral relations were bracing to scale new heights of progress and integration driven by the firm determination of the leaders of the two countries.
"The bonds between the UAE and Kazakhstan will see more progress in areas of economy and trade as the two countries will tap the available huge investment opportunities," the ambassador said while addressing an iftar he hosted for the media on Friday on the occasion of his country's Constitution Day which fell on 30th August.
The ambassador highlighted the significance of the day in Kazakhstan's history and elaborated on the country's 2030 strategic plan for sustainable economic development.
Investment
He said despite the global economic crisis that hit the world over the last two years, Kazakhstan has managed to achieve positive economic growth, attracting more than $100 billion in foreign investment.
On the energy sector, he said Kazakhstan is expected to boost its oil output to 2.5 mbpd from just 1.3 mbpd.
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