Kazakhstan-Luxembourg: successful business cooperation
On November 13, the investment webinar «Go International: Kazakhstan» was organized by the Embassy of Kazakhstan in Belgium and Luxembourg together with the National company «Kazakh invest» and the Luxembourg Chamber of Commerce.
The event that brought together about 100 representatives of government and business circles of Kazakhstan and Luxembourg was attended by Kazakh Ambassador in Luxembourg Aigul Kuspan, Director of International Affairs of the Luxembourg Chamber of Commerce Cindy Tereba, Chairman of the investment Committee Askar Shokybayev, Honorary Consul of Kazakhstan in Luxembourg – Chief Executive Officer of «Eurasian Resources Group» Benedikt Sobotka, Chief Executive Officer of «AIFC Business Connect» James Martin, Managing Director of Logistics and International cooperation of «Samruk-Kazyna» Yerzhan Tutkushev, etc.
Aigul Kuspan invited Luxembourg companies to implement joint investment projects, particularly with the use of high-tech solutions in the field of innovation, digitalization, aviation, space industry and financial and banking, in those areas where Luxembourg has achieved a big success. The diplomat emphasized such qualities of Luxembourg business as openness, flexibility, effective management, use high technologies and multilingualism.
«Unique geographical location in the heart of Europe gives Luxembourg an advantage for financial and business development. The Grand Duchy is an innovative and financial hub that attracts technology projects and start-ups from all over the world. Kazakhstan, due to its advantageous location at the crossroads of transcontinental transport corridors between Europe and Asia, has direct access to the market of more than 500 million consumers, including the countries of Central Asia, the Caspian basin and Western China. The similarity between Kazakhstan and Luxembourg is the fact that our countries are home to many cultures.
They are united by mutual respect and friendship. All this allows our countries to find common ground and new niches of cooperation,» - the Kazakh diplomat said.
Director of International relations of the Luxembourg Chamber of Commerce Cindy Tereba is convinced that it is important to maintain international trade relations and develop new markets in difficult times of the pandemic. That is why the Chamber of Commerce seeks to strengthen its support for companies by introducing innovative solutions, such as the Kazakhstan-Luxembourg investment webinar.
Chairman of the investment Committee Askar Shokybayev, noting the great potential for expanding trade, economic and investment cooperation between the countries, called on Luxembourg companies to take an active part in the implementation of mutually beneficial projects.
«Today, Kazakhstan offers the optimal conditions for doing business. Our country has 13 special economic (SEZs) and 23 industrial zones. The participants of the SEZ are granted tax benefits and other preferences. To increase the competitiveness of the national economy and stimulate investment activity, a special direct investment Fund has been created in Kazakhstan, as well as the Astana international financial centre», emphasized Chairman.
Foreign Representative of the National company «Kazakh invest» Ainur Tumysheva, Chief Executive Officer of «AIFC Business Connect» James Martin, Managing Director of Logistics and international cooperation of «Samruk-Kazyna» Yerzhan Tutkushev made presentations on why it is profitable doing business with Kazakhstan.
Most of the webinar was devoted to the success stories of Luxembourg companies in Kazakhstan. Andre Reitenbach, Chief Executive officer of «G-Core Labs», Vijay Goyal, CEO of «Arcelor Mittal CIS» and Alexander Sokolov, Head of the «Arendt & Medernach» office in Moscow, shared their information.
«We are very optimistic about doing business in Kazakhstan, because we know that the country has tremendous development potential. We are proud to have been representing Kazakhstan, which is home to our core assets. In Kazakhstan, we have more than 62,000 employees and represent a third of the country’s metals and mining industry. In my capacity as Honorary Consul of Kazakhstan in Luxembourg, I have also had the privilege of deepening Kazakhstan’s international cooperation. In partnership with the Embassy of Kazakhstan, we organise various cultural events and help facilitate bilateral relations, trade and investment», - noted Chief Executive Officer of «Eurasian Resources Group» Benedikt Sobotka.
Despite the COVID-19 pandemic, mutual trade for the first 8 months of 2020 showed good indicators (1.6 billion US dollars). The inflow of direct investment from Luxembourg to Kazakhstan from 2005 to the second half of 2020 amounted to 1.4 billion us dollars. Today, 172 companies with the participation of Luxembourg capital operate in Kazakhstan.