KARACHI, July 12: Kazakhstan is looking to invest pension accumulations of $27 billion, said Ms Leila Serikbayeva, chief of department of accumulation pension system.

A press release by the Karachi Stock Exchange said that a three-member delegation of Kazakhstan's ministry of labour and social protection, comprising Ms Leila Serikbayeva, Ms Kuplash Temirbekova, head of social and pension payment unit, and Ms Assel Turpakpayeva, chief specialist of insurance supervision division, was on a visit to Pakistan to explore opportunities for investment in the country's capital markets.

The delegation visited the Mutual Funds Association of Pakistan (MUFAP). Ms Serikbayeva told the MUFAP members that the government of Kazakhstan was working on drafting a law on mutual funds in that country.

MUFAP chairman Zaigham Mahmood Rizvi apprised the delegation of the progress made by the mutual funds industry in Pakistan. He observed that Pakistan now had 31 funds in the market, of which 18 were close-end funds and 13 open-end funds. The MUPAF chairman noted that the total net assets had surpassed $1.5 billion mark.

Mr Zaigham informed the delegation that Pakistani market was ready to launch new products, such as real estate fund, infrastructure fund; fund of funds and pension funds, etc. The delegation agreed on mutual cooperation and sharing technical support in the area of pension fund.