ASTANA – Prospects for bilateral cooperation on investment, trade, and economic issues between Kazakhstan and Singapore were at the focus of Kazakh Deputy Prime Minister – Finance Minister Yerulan Zhamaubayev’s working visit to Singapore on April 14, reported the Prime Minister’s press service.
In 2022, bilateral trade between Kazakhstan and Singapore reached $1.9 billion, a 65 percent increase compared to 2021. Exports reached $1.87 billion, while imports made $47 million.
During the visit, Zhamaubayev presented the G4 City project of sustainable and innovative satellite towns to Singaporean investors.
The G4 City project, comprising four structurally combined unique modern
smart cities in Kazakhstan, aims to improve the quality of life, boost innovation and develop business in the region.
The G4 City special economic zone with an area of 30,000 hectares was created in the Almaty Region in March. The economic zone is expected to attract nearly 3.7 trillion tenge ($8.1 billion) investments through 2048.
The new economic zone will offer a favorable climate for attracting domestic and foreign investment to establish an integrated G4 City.
Zhamaubayev discussed other investment opportunities, including expanding trade relations between the countries with Singaporean Second Minister for Trade and Industry Tan See Leng.
Zhamaubayev also met with Deputy Prime Minister – Finance Minister of Singapore Lawrence Wong, discussing the prospects for bilateral cooperation in investment and trade.
Zhamaubayev discussed the launch of a direct flight between the two countries with t Changi Airports International CEO Lee Seow Hiang.
The Singaporean officials commended the ongoing reforms in Kazakhstan that helped it create a favorable investment climate.