17 May 2024 15:49

Kazakhstan and Malaysia ink agreements worth over $350 mln

ASTANA. May 17 (Interfax) - Kazakhstan and Malaysia have reached agreements of cooperation in Islamic finance, trade, food production, mining, gold processing and technical oils production, and have signed a number of documents for a total value of more than $350 million, the Kazakh government said in a press release.

The documents were signed during Kazakh-Malaysian talks in Astana.

According to the press release, trade between Kazakhstan and Malaysia in 2023 rose by 60% to $245 million. The two countries intend to fully realize the existing economic potential and to increase mutual trades to the pre-pandemic level of $650 million.

Prime Minister Olzhas Bektenov said that Kazakhstan will diversify exports to Malaysia and he also called on Malaysian businessmen to explore, together with entrepreneurs from Kazakhstan, new opportunities to strengthen partnership in services, manufacturing, finance, education, subsoil use, agriculture and construction.

As many as 48 companies with Malaysian capital participation operate today in Kazakhstan, and 17 joint investment projects worth over $410 million are being implemented.

In turn, the Malaysian side stated its intention to strengthen cooperation with Kazakhstan in tourism, education and energy, and also expressed an interest in the import of halal products from Kazakhstan.