Kazakhstan considered 'attractive' for Shanghai businesses to invest

Shanghai enterprises expressed their willingness to invest in Kazakhstan at a meeting held in Shanghai on Monday discussing trade and investment between China and Kazakhstan.

China is now the fourth largest investor in Kazakhstan, after Europe, the United States and Russia, according to Kuanysh Amantay, China's General Representative of KAZAKH INVEST, the National Agency for Investment Promotion and Support.

He highlighted an inter-governmental mechanism supporting bilateral investment between the two countries, established in 2015. Since its establishment, over 50 projects have been signed, with a cumulative value exceeding US$20 billion.

Among them, 20 projects have already become operational with a combined investment exceeding US$300 million, with three more projects planned to be put into operation by the end of 2022.

The Shanghai-based Shenenergy Company, which contributes one-third of the city's local electricity supply and is the largest operator of distributed energy supply of natural gas in Shanghai, is now actively expanding businesses in the areas of hydrogen energy and environmental protection.

Shenenergy intends to "go overseas" to seek more opportunities in coal power services as well as new energy investment projects, and sees Kazakhstan as an attractive market with its investment environment.

Shanghai's large-scale commercial retailer Bailian Group Co, meanwhile, also plans to expand overseas business.

Kazakhstan, with abundant and high-quality commodity resources, has huge space for international trade cooperation, Bailian said, looking forward to building relevant cooperation with Kazakhstan's businesses.