Kazakhstan is priority for Canada

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Kazakh and Canadian businessmen have created a Business Council

At the first inaugural meeting of the Council, organized by NCE RK "Atameken", Chamber of Commerce of Kazakhstan in cooperation with partners from the Canadian Business Association in Russia and Eurasia (CERBA), was held the ceremony of signing the agreement on its establishment.

The document was signed by Co-Chairman of the Business Council from the Kazakh side, the chairman of the Board of JSC "NAC" Kazatomprom” Askar Zhumagaliev, the Canadian side - Chief Executive Officer and President of the Corporation “Cameco” Timothy Gittsel, on behalf of the Secretariat - Chairman of the Chamber of Commerce in Kazakhstan (CCK) Ruslan Sultanov and Chairman of the Board of Directors of the Canadian business Association in Russia and Eurasia in Kazakhstan Daniel Bastien.

"For Kazakhstan, Canada is a promising and priority area. We hope that the Canadian investment will be injected in the manufacturing sector, so that we can develop jointly the production, for example, agricultural machinery. Here, I think there is great potential. And we would like to see in the future producers of co-produced components and spare parts to have the opportunity to participate in the production processes of Canadian businesses", - said the first deputy of CCK Ruslan Sultanov.

During the meeting the parties agreed on aspects of the work of the Business Council and discussed issues of cooperation between business circles of Kazakhstan and Canada.

Vice Minister for Investment and Development of the Republic of Kazakhstan Erlan Khairov voiced information about the prospects of economic development of Kazakhstan, measures to improve the investment climate in the country and noted that Kazakhstan is always ready for dialogue and open for cooperation.

Today Kazakhstan is the main trading partner of Canada among the post-Soviet states. The volume of bilateral trade in 2012-2014 amounted to more than 7 billion USD. Kazakhstan is included in the list of priority countries in the "Global Plan of Action in foreign markets", adopted by the Federal Government of Canada in 2013.

Canada continues to be among the top ten largest investors in Kazakhstan's economy. According to the Ministry of Foreign Affairs, Trade and Development Canada, in 1994-2013, the volume of Canadian investments in Kazakhstan amounted to almost 16 billion USD, while in 2010-2014 - almost 11 billion USD.

Ambassador of Kazakhstan to Canada Konstantin Zhigalov urged businessmen of the two countries to develop cooperation not only in traditional sectors such as mining, the oil industry and agriculture, but also to diversify the business partnership of Kazakhstan and Canada. As a positive example, he gave the example, the company Magnum Integrated Technologies, which has invested more than 50 million USD in the construction of the first ammunition plant in Kazakhstan.

The Kazakhstan-Canadian Business Council (KCBC) was established by Chamber of Commerce of Kazakhstan and the Canadian Business Association in Russia and Eurasia (CERBA) to promote co-operation, trade and investment between the companies and organizations of the two countries.

Given the fact that the uranium industry confidently holds the leading position in the bilateral cooperation, Co-Chairman of the Business Council from the Kazakhstani side is the Chairman of the Board of JSC "NAC" Kazatomprom" Askar Zhumagaliev and from the Canadian side - Chief Executive Officer and President of the Corporation "Cameco" Timothy Gittsel.

After the plenary session of the Business Council, there were held meetings of five working groups, which discussed the prospects of development and improvement of the investment attractiveness of industries such as oil and gas, mining, agriculture, construction and transport, as well as innovation. The Kazakh and Canadian venture companies presented their companies and exchanged contacts and discussed possibilities of cooperation between the industries of the two countries.

Total the first meeting of the Kazakh-Canadian Business Council was attended by representatives of more than 30 leading companies and economic organizations in Canada that are interested in investment, technology transfer and cooperation in such sectors as construction, renewable energy, transport, infrastructure facilities, agriculture, energy sector. These are big companies like Kinross Gold Corporation, Geotech Ltd., Ronald A. Chisholm Ltd., Terralink, Morris Industries, UrtheCast Technologies.

Kazakh business was represented by more than 70 companies, engaged in the agriculture, construction, oil and gas industry, energy.