Kazakhstan and Singapore Strengthen Economic Cooperation

As part of the Kazakhstan-Singapore Business Forum in Singapore, important business ties between representatives of the two countries were established and strengthened. Several significant memorandums of cooperation were signed, demonstrating the desire to develop partnerships.

Singapore remains a key partner for the Republic of Kazakhstan. The total volume of trade between the countries in 2023 reached a high level of $1.8 billion US dollars, which confirms close economic ties.

The reasons for such active interaction lie not only in sustainable investment policies, but also in the strategically important location of both countries, especially within the framework of the One Belt, One Road initiative, which contributes to deepening cooperation.

“More than 10 companies that are members of the Singapore Chamber of International Commerce and Industry have shown great interest in finding partners in Kazakhstan in the fields of coal chemistry and gas chemistry. These companies are not only interested in providing advanced technologies, but are also ready to invest in construction. “Developing partnerships with Singapore companies can bring significant benefits and contribute to the development of business in Kazakhstan,” said Murat Karimsakov, Chairman of the Chamber of International Commerce of Kazakhstan.

The President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, expressed the country’s ambitious intentions to create a favorable investment climate that meets international standards at various events with the participation of Kazakhstani and foreign entrepreneurs. He emphasized that economic reforms are aimed at developing a free market, innovation and knowledge, in accordance with Singapore’s best practices.

The memorandums of cooperation signed at the forum, including the agreement of understanding between the Singapore Manufacturing Federation and the Chamber of Commerce of Kazakhstan, are aimed at stimulating joint projects and entrepreneurial initiatives for the development of both countries.

It is worth noting that cooperation between the countries covers various areas, in addition to the economy, education, energy, information technology, finance and culture.