President Tokayev Meets with Business Executives in Singapore

ASTANA – President Kassym-Jomart Tokayev held bilateral meetings with business leaders during his state visit to Singapore on May 23, reported the Akorda press service.

Kassym-Jomart Tokayev with Dilhan Pillay. Photo credit: Akorda

The first meeting was held with Dilhan Pillay, Executive Director and CEO of Temasek Holdings, one of Singapore’s largest investment companies founded in 1974 with 13 representative offices across nine countries.

The parties discussed establishing a strategic partnership between Temasek and the Samruk Kazyna Sovereign Wealth Fund, which would expand business ties and stimulate economic growth. Tokayev expressed Kazakhstan’s interest in close partnership with Temasek and invited the company to participate in joint investment projects in various sectors of the Kazakh economy.

Pillay highly appreciated the prospects for cooperation, particularly in transport and logistics, noting that Temasek is currently exploring opportunities within Kazakhstan’s economy. The discussions also covered the potential creation of a joint investment fund and interaction in digitization, e-commerce, and renewable energy.

The President with Amit Lohia. Kassym-Jomart Tokayev with Dilhan Pillay. Photo credit: Akorda

On the sidelines of the Kazakhstan-Singapore business forum, the President met with Amit Lohia, the Vice Chairman of Indorama Corporation, Asia’s leading chemicals company and the largest producer of petrochemical products, based in Singapore. Indorama, listed in Forbes Global 2000, operates over 136 production sites in 32 countries.

Tokayev was briefed on the company’s interest in establishing a full production cycle of phosphate fertilizers at phosphorite deposits in the Zhambyl Region. Last June, Indorama registered a subsidiary, Indorama Kazakhstan Mining, in the jurisdiction of the Astana International Financial Centre (AIFC) to develop Kazakhstan’s chemical industry.

The President emphasized the importance of mineral fertilizers for the agro-industrial sector and encouraged Indorama Corporation to explore investment prospects for creating chemical production facilities in Kazakhstan.

AIFC Governor Renat Bekturov commented that the company has been carrying out its trades and operations at the AIFC for several years.

“Today the company’s management told the President that they are ready to consider the possibility of building a plant for the production of phosphate fertilizers in Kazakhstan. We will contemplate this issue. I think this project has good potential,” he said.

Tokayev with Nguyễn Thanh Hùng. Photo credit: Akorda

Tokayev held talks with Nguyễn Thanh Hùng, Chairman of SOVICO Group, a diversified conglomerate in Vietnam specializing in construction, banking, finance, energy, and aviation.

Discussing the company’s potential investments in various sectors of the Kazakh economy, the President highlighted that SOVICO Group’s intention to acquire Qazaq Air demonstrates its ambitious plans for developing civil aviation in the region.

The SOVICO Group Chairman expressed interest in managing several airports and investing in logistics warehouses in Kazakhstan. Vietjet Air, part of SOVICO Group, is gradually increasing its cargo and passenger transportation through Kazakhstan.

Tokayev was also presented with the option of a trilateral partnership involving Vietnamese and Singaporean investors, aimed at promoting joint projects in aviation, mining, renewable energy, smart cities, and asset management.

He expressed confidence in the expansion of mutually beneficial cooperation, considering SOVICO Group’s vast experience in diversified business operations.

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