ASTANA, Kazakhstan, December 4. Kazakhstan's Qazaqstan Investment Corporation (QIC) and the Emirati ADQ (an Abu Dhabi-based investment and holding company) will create a joint investment platform, Trend reports.
According to the QIC, the platform is focused on fast-growing non-resource industries such as manufacturing, renewable energy sources, agriculture, healthcare, financial services technologies, and education, among others.
The investment platform's goal is to prepare and implement investment projects in Kazakhstan as well as in other Central Asian and Caucasus nations.
ADQ and Qazaqstan Investment Corporation will commit to making equal financial and operational contributions to each investment as part of the agreement.
ADQ intends to offer the co-investment platform its investment knowledge across a wide range of sectors.
"The co-investment platform demonstrates ADQ's commitment to forming relationships in key markets that match our investment strategy, allowing other countries to benefit from the substantial and diverse experience contained in our portfolio. We are convinced that our collaboration will result in significant investments that will create tangible value and contribute to the economic prosperity of the UAE, Kazakhstan, and the larger Central Asia and Caucasus area," Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said.
In turn, Nurlan Baibazarov, Chairman of the Management Board of Baiterek National Management Holding JSC (the parent organization of Qazaqstan Investment Corporation), noted that QIC is interested in developing bilateral relations between Kazakhstan and the UAE, in particular attracting direct investment to implement projects in the manufacturing industry and infrastructure.
"The investment partnership between Qazaqstan Investment Corporation and ADQ has the potential to significantly boost regional economic development," he said.
Last year, trade turnover between these countries was $633 million, with the potential to climb to $1 billion in the near future by broadening the range of goods.
