BEIJING–(BUSINESS WIRE)–Samruk-Kazyna, the sovereign wealth fund of the Republic of Kazakhstan, today announced memorandums of understanding and agreements for five projects totaling US$4bn around the 3d meeting of the Kazakhstan-China Business Council (KCBC).
The agreements reached at the KCBC demonstrate the deepening relationship between Kazakh and Chinese business, the two nations at the heart of the New Silk Road. Attended by more than 350 representatives from governments and business of both countries, the event included key note remarks from Kazakhstan’s Prime Minister Karim Massimov, Samruk-Kazyna’s CEO Umirzak Shukeyev.
Key announcements at the KCBC meeting include:
- Agreement between KazMunayGas and Sinopec in oil exploration and production, petrochemicals, engineering and renewable energy
- Agreement between Kazakhstan’s national atomic company, Kazatomprom, and China General Nuclear Power for design and construction of a plant for the production of fuel assemblies in Kazakhstan and the joint development of uranium deposits in Kazakhstan
- Agreement between Kazakhstelecom and China Telecom to roll out fiber optic communications lines rural Kazakhstan
“We are here to showcase the partnership and investment opportunities open to Chinese firms as our countries seek to develop the New Silk Road. Successful partnership between our two nations will drive growth, development and stability for the future,” said Dr. Umirzak Shukeyev, Chairman of Samruk-Kazyna. “This Council is not only a platform for public and private partnerships, but a forum for the exchange of experiences and ideas that can grow our economies.”
Panel sessions at the meeting detailed investment opportunities in Kazakhstan, ongoing public asset privatization efforts in the country, Samruk-Kazyna’s Transformation Program, and infrastructure, innovation & logistics. There was also a session dedicated to the Green Economy and Sustainable Development, led by Expo2017 which will be hosted in Astana.
Samruk-Kazyna is the catalyst for the modernisation, diversification and growth of Kazakhstan’s economy. Founded in 2008, the Fund manages a diversified portfolio of leading companies and national development institutions including Air Astana, FC Astana and Kazakhtelecom. The Fund is currently leading a Transformation Program to improve the management and productivity of its existing assets in an effort to help Kazakhstan in its goal to become one of the top 30 developed countries in the world by 2050.