KARACHI, June 7: Kazakhstan is the best place for investment and Pakistani businessmen should enter into joint ventures especially in development of textile sector as there is low input cost and abundance of quality raw materials, said Deputy Head of Chancery of Prime Minister of Kazakhstan, Berdibek Saparbev.

In a meeting with the members of SITE Association of Industry (SAI) during his visit to SAI office here on Wednesday, Mr Saparbev, who was leading a Kazakhstan delegation, said that the purpose of their visit was to inform Pakistani businessmen about the investment and business opportunities in Kazakhstan. They also wanted to learn about investment and trade policies and the business environment in Pakistan.

“One moving to Kazakhstan for investment will get land free of cost, and all services and utilities will be available at low cost,” he said, adding that there was full security, strong communication network, favourable business conditions, social and political stability.

He said the main focus of the Kazakhstan government was to strengthen the economy by providing maximum incentives to foreign investors. “A special economic zone is being developed in South Kazakhstan wherein the export-oriented industries will enjoy exemption from all duties for a period of 10 years,” he informed.

Engr M.A. Jabbar, a senior business leader, suggested that the comparative and competitive areas of both the countries be identified for promotion of bilateral trade and investment. Presence of people in each other’s countries should also be ensured so that this agenda could be furthered to ultimate results.

“You would have to compete internationally to attract foreign investment at your special economic zone as almost every country has already launched such zones. Bilateral trade arrangements would be in your interest,” Jabbar apprised the Kazakhstan delegation.

Mr Berdibek informed the meeting that around $45 billion foreign investment had poured into Kazakhstan over the last 15 years because of very attractive business policies.

SAI chairman Amin Bandukda in his welcome address briefed the delegation about the industrial and trade activities at SITE and its contribution towards strengthening the economy.—APP