It has been reported that there is promising investment prospects in Kazakhstan for Shariah compliant products and services. Malaysia's largest trading partner in central Asia, is keen to have more investments from Malaysia and is providing attractive incentives in Kazakhstan.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who met its Deputy Prime Minister Yerbol Orynbayev at his office last week, said the country has big infrastructure plans as well as housing.
"The Construction Industry Development Board of Malaysia can look into these opportunities."Mustapa said companies also stand to enjoy incentives such as development grants as well as a 7 per cent subsidy in interest rates.
The oil-rich economy is enjoying strong growth and wants to accelerate the growth of its townships."We also discussed the prospects of importing tropical fruits for them and in return, export beef to Malaysia."In 2010, Malaysia's bilateral trade with Kazakhstan recorded a 307.8 per cent growth in trade to US$107.2 million (RM324.82 million) from the previous year".
Malaysia's main exports to Kazakhstan in 2010 include iron and steel products, electrical and electronic products, wood products, chemical products and palm oil.
Both countries may venture into assessing cooperation prospects in new areas such as science and technology especially biotechnology, Information and Communication Technology (ICT), Islamic finance, insurance and banking besides production of halal food for the global market.
To date, there is no significant investment between both countries, according to the Ministry of International Trade and Industry however there are growing prospects for the countries to seek fruitful Shariah compliant investments in order to further develop the growing Islamic financial industry.
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