- ‘Kazakhstan holds 28th position in the Ease of Doing Business ranking and facilitates foreign investors by providing one-window solutions’
LAHORE: Pakistani businessmen must take advantage of the unique business opportunities offered by Kazakhstan, as it would not only help them earn huge profits but would also enhance the volume of bilateral trade between the two countries, said Ambassador of Kazakhstan to Pakistan Barlybay Sadykov during his visit to the Lahore Chamber of Commerce and Industry on Tuesday.
LCCI President Almas Hyder presented the address of welcome while Senior Vice President Khawaja Shahzad Nasir and Vice President Faheemur Rehman Saigal also spoke on the occasion.
The ambassador noted that Pakistan was one of the leading countries in agriculture, textile, surgical instrument, pharmaceutical and other products that have a great demand in Kazakhstan. “Pakistani exporters should come forward and explore the new markets in Central Asian states,” he urged.
He said that Kazakhstan was one of the largest economies of Central Asia with an abundance of oil, gas, metal and other minerals. He added that China and Russia were investing heavily in Kazakhstan, as the country holds 28th position in the Ease of Doing Business ranking and provides one-window solutions for foreign investors.
“The import of raw material for manufacturing is duty-free, while electricity price is very low in Kazakhstan,” he stated.
The ambassador said that Kazakhstan was a doorway to half a billion consumers, adding that the Pakistani businessmen should step into joint ventures with their Kazakh counterparts in order to cater to this huge market.
LCCI President Almas Hyder, in his address, said that international ranking of Kazakhstan in Ease of Doing Business was impressive. He noted that Kazakhstan was the world’s largest land-locked country abundant with vast mineral resources.
“Pakistan and Kazakhstan are members of the Organisation of Islamic Cooperation and enjoy good diplomatic relations. However, these ties are not reflected in terms of bilateral trade,” he said. “Three routes, including China, Afghanistan and Iran, connect Pakistan and Kazakhstan. The shortest route for trade can help boost mutual trade and economic ties between the two countries.”
He informed that the items that were exported to Kazakhstan included rice, oilseeds, medicaments, bandages, surgical instruments, apparel and spices, whereas imports from Kazakhstan comprised of salt of oxometallic acids, dried vegetables, machinery, tea, waste & scrap of paper and paperboard etc.
Hyder said that in order to enhance the level of bilateral trade, more tradable items should be identified keeping in view the market demands in two economies.