Kazakhstan, Malaysia Sign Agreements Worth More Than $350 Million

ASTANA – Kazakh and Malaysian businesses signed agreements and memorandums totaling over $350 million at a May 17 investment roundtable chaired by Kazakh Prime Minister Olzhas Bektenov and Malaysian Prime Minister Anwar Ibrahim, as reported by the Prime Minister’s press service.

Photo credit: primeminister.kz

Participants agreed to collaborate on attracting investments in Islamic finance and trade development, as well as in the food industry, mining, gold processing, and the joint production of transformer and automobile oil.

Bektenov highlighted the goal of unlocking the existing potential of both economies and exceeding the pre-pandemic mutual trade level of $650 million. Last year, bilateral trade turnover increased from $150 million to approximately $245 million.

He announced Kazakhstan’s intention to diversify exports to Malaysia and called on Malaysian businesses to jointly explore new opportunities to strengthen partnerships in the services sector, manufacturing, finance, education, subsoil use, agriculture, and construction.

Currently, 48 companies with Malaysian capital operate in Kazakhstan, with 17 joint investment projects exceeding $410 million in progress.

Ibrahim revealed Malaysia’s plans to strengthen cooperation with Kazakhstan in the tourism, education, and energy sectors, along with the supply of Kazakh halal products.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter, Facebook, Instagram, Telegram, YouTube and Tiktok!