KUALA LUMPUR –- With bilateral trade increasing every year, Kazakhstan’s newly elected President, Kassym-Jomart Tokayev pledged to strengthen the relationship with Malaysia as well as other neighbouring countries worldwide.
Bilateral relations between Kazakhstan and Malaysia since 1992, saw an increasing rate of 25% in several trade sectors amounting to AS$643.8 million last year as compared to 2018.
Malaysian companies and investors are implementing projects in Kazakhstan on the amount of 1 billion dollars involving priority sectors such as Islamic banking, Halal industry, oil and gas, infrastructure green technologies and others.
According to a report by ASWAQ Magazine, marking his one-year term in office on June 2020, Kassym-Jomart Tokayev announced his decision to maintain the same principles and teachings of the First President Nursultan Nazarbayev, thus demonstrating Kazakhstan’s own effective model of succession of power.
Since October 2009, Kazakhstan’s national carrier “Air Astana” began scheduled flights from December 2011 – three times a week – on the route Almaty-Kuala Lumpur- Almaty, had positively affected the development of tourism between countries.
Almost 15,000 tourists from Kazakhstan visited Malaysia in 2019 and about 10,000 tourists from Malaysia visited Kazakhstan during the same period.
This increasing number was made possible following Nursultan Nazarbayev first official visit to Malaysia in May 1996, whilst the Malaysian Prime Minister then, Tun Dr. Mahathir Mohamed reciprocated with this visit to Kazakhstan in the same year two months later.
Starting with his first days, the Government of Kazakhstan under Kassym-Jomart Tokayev, develop a set of measures to stimulate economic growth, improve fiscal and monetary policies, develop entrepreneurship, and support domestic producers.
Despite a global negative trend due to the coronavirus pandemic, Kazakhstan’s international reserves in foreign currency today amount to more than 30 billion US dollars and the assets of the National Fund of the Republic of Kazakhstan exceed 58 billion dollars.
Though a decline is expected in Kazakhstan’s GDP in 2020 by three percent international economists forecast a resumption of economic growth in 2021 at 5.5% as a result of the package of economic measures adopted in Kazakhstan.