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UAE official says trade ties with Kazakhstan strong

Xinhua, May 29, 2016 Adjust font size:

A senior economic official of the United Arab Emirates (UAE) said Sunday the Gulf Arab state has maintained strong ties with Kazakhstan on economic and trade matters.

The two countries' growing ties are reflected in their annual trade growth as bilateral trade has exceeded 270 million U.S. dollars in 2015, UAE state news agency WAM quoted Humaid bin Butti Al-Muhairi, Assistant Under-Secretary for Commercial Affairs and Consumer Protection of the Ministry of Economy, as saying in a statement on Sunday.

Al-Muhairi made the statement following the UAE's participation in the 9th Session of the annual Astana Economic Forum, AEF, a platform for international dialogue which was held recently in Astana, the capital of Kazakhstan.

The official noted that the forum plays a significant role in enhancing communication ties between the business communities of the UAE and Kazakhstan, as well as with other participating countries.

In May 2015, the Dubai banking free zone DIFC signed a memorandum of understanding with the National Bank of Kazakhstan, the country's central bank. Both sides expressed the willingness to cooperate in the field of Islamic finance.

Earlier this year, Kairat Lama Sharif, the Ambassador of Kazakhstan to the UAE, said at the Annual Investment Meeting congress in Dubai that the UAE investments in Kazakhstan crossed two billion dollars, according to the Kazakhstani Ministry of Investment and Development. Endit