ASTANA: Five signature projects will be the catalyst to further Malaysian investment in Kazakhstan.
Prime Minister Datuk Seri Najib Tun Razak said the projects were investing in a Kazakh Islamic bank, Petronas’ investment in oil and gas, cattle breeding, energy generation and the construction of a hotel here.
He added in terms of Islamic banking, the Kazakh government had also agreed for Malaysia providing training expertise.
“We will see the possibility of identifying the investor for the Islamic bank here,” he told Malaysian reporters on Monday after meeting President Nursultan Nazarbayev and Prime Minister Karim Massimov.
He said the projects would be started in the soonest possible time.
Aside from Petronas investing in Kazakhstan, oil companies here could partipate in various investments that the national oil and gas company had in other countries, he said.
A memorandum of understanding was also signed Monday between the Jambul district of Kazakhstan and National Feedlot Corp Sdn Bhd providing for cattle rearing here and enabling the produce to be brought to Malaysia for local consumption as well as export to neighbouring countries.
He added that a Genting Group subsidiary had started negotiations to build an independent power plant of 200MW.
“Another suggestion from the president is for any Malaysian company to build a hotel here with architecture that reflects Malaysia,” he said adding that China and Abu Dhabi had already been invited to do the same.
A business council between both countries would also be formed, he added.
Najib said that presently, Kazakhstan was more prepared to accept foreign investment adding that conditions for Malaysian investments have improved.
He had also suggested that Kazakhstan could issue Islamic bonds or sukuk in Malaysia as it was a main Islamic banking country with 80% of sukuk being issued in Malaysia for the first quarter of this year.
Najib added discussions with both Nazarbayev and Massimov indicated that Kazakhstan was very interested in finding ways to expand bilateral ties.
In an earlier joint press conference, Nazarbayev described Malaysia as an “Asian tiger” adding that Kazakhstan had learnt a lot from it.
Source : The Star