ASTANA – Singapore wants to build on the goodwill it enjoys in Kazakhstan and deepen ties in areas ranging from business to connectivity, Senior Minister Lee Hsien Loong said as he wrapped up his first visit to the Central Asian country.
Lee said on Aug 27 that Singapore’s relationship with Kazakhstan was “an account well worth cultivating”, with Singapore companies showing growing interest in the country and trade and investments increasing significantly in recent years.
“We enjoy a lot of goodwill,” he told Singapore media in a doorstop interview at the St. Regis Astana Hotel, noting that Kazakhstan remembers warmly founding prime minister Lee Kuan Yew’s first visit in September 1991, three months before the country became an independent republic.
One area where Lee saw room for improvement was connectivity. He said Kazakh businesses had cited the lack of direct flights between Singapore and either Astana, the capital, or Almaty, its largest city, as an obstacle to closer links.
“It’s something which we would look at, and we would encourage SIA to look at,” he said. “I hope there’s a business case at some point.”
Lee noted Kazakhstan’s growing winter tourism industry as one potential source of demand. The country is developing the Shymbulak ski resort near Almaty as it prepares to host the Asian Winter Games in 2029.
Singaporeans are keen on winter sports and travel to Japan, South Korea and China to ski, he said, adding that further development of the resort in the next few years would bring more business.
Growing business interest
Beyond connectivity, Lee said Singapore companies were showing growing interest in Kazakhstan, with trade and investments rising significantly in recent years.
Singapore firms in sectors ranging from law and logistics to education and venture capital are already present in the country, Lee said, adding that PSA International and Changi Airport Group are also there.
“There will be these opportunities where the Kazakhs are building their economy, and our firms can participate in this,” Lee said.
Kazakhstan is Singapore’s largest trading partner in Central Asia. Bilateral trade in goods amounted to $326.6 million, while trade in services was $159 million. Singapore’s stock of direct investment in Kazakhstan stood at $2.1 billion, with 158 Singapore overseas affiliates operating there.
Lee said the physical distance means direct trade and investment may not be enormous. “But if we are talking about services trade, or talking about investments, doing business in each other’s countries, there is good potential,” he noted.
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