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Kazakhstan Singapore

Kazakhstan attracts $1.2bln of Singaporean investments in less than 20 years

Deputy Prime Minister – Minister of Finance Yerulan Zhamaubayev held a meeting with Sean Chiao, CEO of Singapore’s Surbana Jurong Group, Kazinform reports with reference to the Government’s press office.

The sides discussed the relevant issues of cooperation in electricity, RES, transport infrastructure, and water supply.

According to Zhamaubayev, in 2022, trade turnover between the two countries increased by 65.1% against 2021 and reached 1.9 billion U.S. dollars. He pointed out stable growth of Singaporean investments in Kazakhstan’s economy, with 92.2 million U.S. dollars attracted in the 1st quarter of 2023. In less than 20 years, Kazakhstan has attracted 1.2 billion US dollars of Singaporean investments.

In his words, more than 200 Singapore-invested enterprises are operating in Kazakhstan today.

“We will continue to take all possible measures to facilitate the inflow of foreign investment in order to remain an investment leader in Central Asia,” Zhamaubayev said.

Besides, he emphasized the importance of Singapore as the main partner in Southeastern Asia.

Upon completion of the meeting, Sean Chiao stressed that the regions of Kazakhstan and Singapore are linked with longstanding close interaction in various spheres. There is a huge potential for its expansion, he added.

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