The meeting was attended by heads of the leading UAE companies operating on a global level.

In his speech, the President stressed that the UAE is one of Kazakhstan’s key partners in the Middle East. Nursultan Nazarbayev noted that since gaining independence our total volume of direct investments from the UAE had reached about $ 2 billion.

- There are about 200 joint ventures with UAE capital in Kazakhstan. Projects are being implemented in agriculture, industry and energy. There are close ties with Mubadala Development state-owned holding company, the President of Kazakhstan said.

The Head of State emphasized the implementation of "Abu Dhabi Plaza" bilateral investment project in Astana, worth $ 1.6 billion.

The President of Kazakhstan emphasized that our country pays special attention to the economic diversification and sets the task to enter the top 30 most developed countries.

- In the furtherance of that goal comprehensive business benefits are provisioned, together with creating favorable conditions for attracting investment, Nursultan Nazarbayev said.

The Head of State elaborated the key consistent events and institutional reforms under way in the country.

- During the years of independence, the total inflow of foreign direct investment in the country's economy exceeded 265 billion dollars. Kazakhstan takes 35th place in The World Bank's "Ease of Doing Business". To date, citizens of 56 states can freely enter Kazakhstan without a visa. Among them are the United Arab Emirates, Nursultan Nazarbayev said.

The President of Kazakhstan invited the UAE companies to actively participate in implementation of the industrialization program, assuring that our country is prepared to provide its in-depth capital investment support.

- In priority sectors investors are exempt from corporate income tax and land tax for 10 years, property tax - for 8 years. Foreign Investors Council has been functioning over a distance of 19 years in order to support foreign companies, the President said.

In addition, the President of Kazakhstan noted that there are 10 special economic zones and 20 industrial zones in our country.

- We are interested in the UAE vast experience in industrial zones development. We are ready to place such zones under management of Emirati companies, Nursultan Nazarbayev said.

The Head of State said to the Emirati businesspeople that Kazakhstan is carrying out a large-scale campaign for privatization of major state-owned enterprises, as part of which about seven hundred assets are offered for sale.

- They are shares in mining and metals, oil and gas industry, energy, transport and communication infrastructure facilities. We would welcome Emirati companies to participate in privatization, the President of Kazakhstan said.

Nursultan Nazarbayev emphasized the activities of "Astana" International Financial Centre and the forthcoming holding of "EXPO-2017" trade show, which is a common theme with the ongoing Abu Dhabi Summit.

- The current year our capital city hosts "EXPO-2017" international exhibition on "Future Energy". More than 110 countries and 18 international organizations are scheduled to participate, as well as the world's leading companies in the field of renewable energy. The Emirates are the first among Arab countries to have officially confirmed their participation, he said.

The President of Kazakhstan noted that in the framework of bilateral negotiations the Agreement had been inked on cooperation between "Astana EXPO-2017" and "Expo Dubai 2020" Bureau and expressed hope for fruitful cooperation with the UAE in the field of "green" energy, alternative and renewable energy sources.

In conclusion, Nursultan Nazarbayev thanked everyone involved and expressed confidence that the parties would identify new opportunities and prospects of mutually advantageous cooperation. 

Source: www.akorda.kz