Businessmen of Kazakhstan and the UAE are ready to increase mutual supplies of goods and services
The Dubai Chamber of Commerce and Industry held a Kazakh-Emirati Business Forum within the framework of a roadshow in Central Asia with the support of the «QazTrade» Trade Policy Development Center» JSC. Representatives of 26 companies from the United Arab Emirates came to Astana, ready to cooperate with Kazakh business.
By the end of 2022, the trade turnover between Kazakhstan and the UAE amounted to $ 632.6 million. Exports from Kazakhstan to the UAE last year reached $ 560.3 million and has great potential to increase.
Nuraly Bukeikhanov, General Director of «QazTrade» JSC, noted that over the past three years there has been a tenfold increase in exports of Kazakh meat products to the UAE, in particular, lamb meat. The supply of Kazakh sunflower oil has increased significantly.
«Our trade relations have great potential. In the coming years, Kazakhstan intends to increase trade turnover with the UAE to $ 1 billion. By the end of the year, we plan to organize a reciprocal business mission of Kazakhstan to the UAE. Dubai is interesting to us as a trade development center. Many Middle Eastern and African countries purchase goods and trade through the UAE. The presence of Kazakh products here gives our business the opportunity to sell to other countries of the region». - Nuraly Bukeikhanov said.
The United Arab Emirates, speaking about strengthening bilateral trade with Central Asian countries and expanding investment opportunities, especially highlight Kazakhstan.
«Kazakhstan is a key strategic trading partner of Dubai and the UAE. In 2022, the export and re-export of our members' products to Kazakhstan reached 192 million dirhams of the UAE, which is a relatively low figure, given the great potential for expanding bilateral trade. At the same time, the number of Kazakhstani companies that joined the Dubai Chamber of Commerce from 2016 to 2022 increased from 351 to 637. The number of Dubai exporters to Kazakhstan reached 119 over the same period. We would like this figure to grow», - said Mohammad Ali Rashed Luta, President and Chief Executive Officer of the Dubai Chamber of Commerce and Industry.
The UAE business community is showing great interest in cooperation with Kazakhstani companies in the food industry, agriculture, metallurgy, chemical industry, as well as the IT sector and new technologies.
As noted by Mohammad Ali Rashed Luta, the Dubai Chamber of Commerce and Industry promotes enterprises in the development of world markets and ensures that the emirate will become a magnet for foreign direct investment, supported by a powerful network of offices of the Dubai International Chamber of Commerce around the world. Dubai aims to increase the volume of foreign trade from 1.4 trillion dirhams (1 dirham = 0.27 USD) to 2 trillion dirhams by 2026 and bring 100 Dubai companies to priority foreign markets by 2024.
On the sidelines of the business forum in Astana, bilateral negotiations in the B2B format were held between Kazakh and Emirati entrepreneurs in various sectors of the economy: construction, energy, mining, agriculture, food industry, mechanical engineering, agriculture, tourism, investment and others. The event was attended by 100 domestic companies.
During the visit of the delegation from the UAE, JSC «QazTrade» together with JSC «NC «Kazakh Invest» organized field meetings for Emirati entrepreneurs. Business representatives visited the hypermarket for home «12 months», UMC «Medical Center», as well as the Special Economic Zone «Astana – new city».
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Kazakhstan exports to the UAE mainly crude oil, copper, mutton, hot-rolled flat rolled non-alloy steel, fittings for pipelines, tobacco and its substitutes, tobacco extracts and essences, passenger cars. Exports to the UAE in 2022 reached $ 560.3 million.
The main imports from the UAE are floating structures, spark-ignition internal combustion engines, medicines, insecticides, herbicides, petroleum products, centrifuges, equipment and devices for filtering liquids or gases. By the end of 2022, the volume of imports from the UAE amounted to 72.3 million dollars.