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Kazakhstan|politics|May 24, 2024 / 12:21 PM
Kazakhstan and Singapore plan to establish investment fund for joint drug production

AKIPRESS.COM - President of Kazakhstan Kassym-Joomart Tokayev announced Kazakhstan's readiness to supply raw materials and natural resources to Singapore, as well as the two countries' plan to create an investment fund to finance medical research and drug production at the Kazakhstan-Singapore business forum, vlast.kz reports.

"Considering that global demand for rare metals will quadruple by 2040, Kazakhstan, which has approximately 5,000 unexplored deposits, can become a reliable partner for the joint development of this potential. We have high hopes for long-term cooperation with the Indorama company, which is interested in exploring copper and phosphate deposits in Kazakhstan," Tokayev's press service quotes him as saying.

The President called on companies of Singapore to expand partnerships in renewable energy, clean energy production, technology transfer, and waste management, noting Singapore's advanced waste-to-energy plants and innovative waste management technologies. Kazakhstan is "very interested in such innovative approaches to waste management and intends to develop cooperation in this area", Tokayev added.

In addition, he proposed that Singaporean companies create joint agro-innovation centers, work on precision agriculture and efficient water resource use. The head of state also expressed belief that there are great opportunities for interaction in the biotechnology industry and medicine.

"We welcome the plans of the Baiterek national holding and the Forebright company to create an investment fund to finance joint research, as well as the production of medicines and biological products," Tokayev said.

Another promising area contributing to greater productivity and economic growth is the digital sector, the President noted. Kazakhstan intends to become a leading technological and IT hub in the Eurasian continent. In particular, the country is aimed at cooperation in R&D projects, startups, and education, particularly in artificial intelligence.

A number of documents were signed following the forum, including an agreement on strategic cooperation between Kazpost and SingPost, a declaration on the launch of a digital corridor between KTZ Express and Global Digital Trade Corridor and several investment agreements.

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