Kazakhstan, Singapore seek to promote biotechnology, medicine, digital sector

Head of State Kassym-Jomart Tokayev attended the closing ceremony of the Kazakhstan-Singapore Business Forum as part of his state visit to Singapore, Kazinform News Agency cites Akorda.

According to the Kazakh President, there are great opportunities for interaction in the field of biotechnology and medicine.

Our pharmaceutical market is among fastest growing in the region. Many leading world companies such as Pfizer, Roche, GE Healthcare and Philips plan to localize production of pharmaceuticals and medical equipment. We welcome the plans of the Baiterek national holding and Forebright company to establish an investment fund to fund joint studies as well as produce pharmaceuticals and biological products, said the Head of State.

Another promising area contributing to greater productivity and economic growth is the digital sector. According to Tokayev, Kazakhstan following the example of Singapore seeks to turn into a leading technological and IT hub in the Eurasian continent.

In particular, Kazakhstan aims for large-scale cooperation in spheres such as R&D projects, startups, education to create new integrated IT projects, especially in the AI field. In conclusion, the Kazakh President drew attention to competitive advantages the Astana International Financial Center (AIFC) has in investment promotion.

Presently, there are over two thousand companies from 80 countries working in the AIFC, attracting investment capital to Kazakhstan and the entire region. Over 30 Singaporean companies are AIFC residents. I believe that their number will rise in the future. The Financial Center actively cooperates with the Monetary Authority of Singapore to promote mutually beneficial partnership in fields of fintech, green finance and Islamic banking. Creation of the Kazakhstan-Singapore Direct Investment Fund in the AIFC could serve as a platform for financing joint enterprises in both countries, concluded the Kazakh President.

Following the Forum, a ceremony of signature of commercial documents took place in presence of Head of State Tokayev and Singapore’s deputy Prime Minister – Coordinating Minister for Economic Policies Heng Sui Keata.

The documents signed as follow:

1. Agreement on strategic cooperation between Kazpost JSC and SingPost;

2. Declaration on launch of a digital corridor between KTZ Express JSC and Global DTC;

3. Memorandum on further cooperation between Kazakhstan Temir Zholy JSC and PSA KZ Pte Ltd, KPMC Ltd and G-trans Service;

4. Investment agreement on the Forebright Life Science Technology Fund between Forebright Capital Asia Private Limited, АО Qazaqstan Investment Corporation and BGI Hong Kong Tech Co., Limited;

5. Agreement between Biryuk Altyn and AlDigi Holdings Pte. Ltd.;

6. Memorandum of mutual understanding between the Foreign Trade Chamber of Kazakhstan and the Singaporean Manufacturing Federation;

7. Memorandum of mutual understanding and cooperation between Caspian Group JSC and China Regional Development and Planing Institute Co., Limited;

8. Memorandum of mutual understanding between Caspian Group JSC and KPMG Samjong Accounting Corp.;

9. Cooperation agreement between Mandarin building, Singapore International School Kazakhstan LLP and Kinder World International Group;

10. Memorandum of mutual understanding between the Kazakh Ministry of Digital Development, Innovation and Aerospace Industry and Nomadic Innovation Hub;

11. Investment agreement between Nomadic Innovation Hub and Clockster;

12. Investment agreement between Nomadic Innovation Hub and Snap hunt recruitment platform.