Kazakhstan to attract Millions in Investment through Malaysia

  • News Code : 245767
  • Source : Global Islamic Finance Magazine
With the Organisation of the Islamic Conference (OIC), it is to bring Kazakhstan millions of dollars of investment opportunities as Malaysian Islamic bank will tap into their current market. There is a huge business potential in Kazakhstan ranging from construction, agriculture, Islamic finance and the food security sector.

(Ahlul Bayt News Agency) - It is assumed that Kazakhstan OIC chairmanship will be asserted to them by the end of June 2011. Tajikistan currently holds the OIC chairmanship. Malaysian bank Amanah Raya’s head of corporate finance thinks this opportunity will bring between $500 and $600 million in foreign investments to Kazakhstan’s sukuk (Islamic bond sector). Amanah Raya is said to be establishing an Islamic bank in Kazakhstan by the end of 2011.

Kazakhstan’s Ambassador to Malaysia, Beibut B. Atamkulov said in an interview, “Businessmen should not only seek to tap into the oil and gas sector as there are other areas of opportunities, including machinery and green technology.”

Abu Hanif, head of Corporate finance said Kazakhstan’s sukuk market could attract up to $1 billion in investment thanks to its leading of the global Islamic organization, the Kazakhstan Today (KT) news agency reported on 1st June 2011. “This will bring considerable income to the economy,” said Hanif.

The Prime Minister of Malaysia Datuk Seri Najib Tun Razak will be making an official visit to Kazakhstan on the 5th and 6th of June 2011 to provide further development and progress between the two nations. He will also be attending the Seventh World Islamic Forum (WIFE) in Astana from the 7-9th June. This visit will forge links between the two countries to set the platform for trade and investment, moving forward in the Islamic financial sector. The next stage in bilateral trade relations will open many great opportunities for Malaysian businessmen as well as Kazakhstan’s businessmen sector.

The ambassador said that “after so many years, this meeting will open up more channels for businessmen”, as Kazakhstan and Malaysia will convene the Second Joint Trade Economic Committee (JTEC) meeting on June 6 during the WEIF.

This formation and merging of the two countries within Islamic financial trade and investment will soon be a joint venture to long lasting economic success between both countries.

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