Malaysia to invest in Kazakhstan

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ASTANA: Five signature projects will be carried out in Kazakhstan that will become the catalyst for more Malaysian investments in the Central Asian country.

Prime Minister Datuk Seri Najib Tun Razak said the projects included investments in a Kazakh Islamic bank, oil and gas exploration by Petronas, cattle breeding, energy generation and the construction of a hotel here.

The projects will begin as soon as possible.

Najib said the Kazakh Government had agreed to let Malaysia train its officials in Islamic banking.

“We will identify the investor for the Islamic bank here,” he said after meeting President Nursultan Nazarbayev and Prime Minister Karim Massimov yesterday.

A Memorandum of Understanding was signed yesterday between the Jambul district of Kazakhstan and National Feedlot Corp Sdn Bhd on cattle rearing, while their produce would be exported to Malaysia and neighbouring countries.

Najib said a subsidiary of Genting Group had started negotiations to build an independent power plant of 200MW.

“The president also suggested that Malaysian companies build a hotel in Kazakhstan with architecture that reflects Malaysia,” he said, adding that China and Abu Dhabi had also been invited to do the same.

A business council between both countries would also be formed, he added.

Najib said Kazakhstan was willing to accept more foreign investments, adding that conditions for Malaysian investments have also improved.

He also suggested that Kazakhstan issue sukuk or Islamic bonds in Malaysia.

In a joint press conference earlier, Nazarbayev described Malaysia as an “Asian tiger”, adding that Kazakhstan had learnt a lot from it.

Source : The Star

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