On 14 May, an online meeting was held organized by the Islamic Organization for Food Security (IOFS) jointly with the National Company KAZAKH INVEST within the framework of the IOFS strategic program "Development of national food sectors in cooperation with state investment agencies".
The meeting was attended by investors from The Kingdom of Saudi Arabia "AAE Systems Inc." (Investors), administration of the North Kazakhstan region, representatives from the Embassy of Kazakhstan in KSA and others. During the meeting, Deputy Governor of the North Kazakhstan region Dauren Zhandarbek informed regarding the preferences that Kazakhstan is ready to provide to investors when investing in the agri-food sector.
During the meeting, investors represented by Business Development Director Mr. Amir Qayyum expressed interest in investing in the construction of an oil extraction plant for the production of vegetable oils. In turn, the representatives of Petropavlovsk Oil Extraction Plant LLP, briefly presented the project and competitive advantages. As a result of the meeting, the parties, having received answers to all questions of interest, agreed to hold the next round of negotiations in the near future after a detailed study of all materials.
It should be noted, that this is one of the joint investment projects of KAZAKH INVEST and IOFS, indicated in the MoU and action plan for promoting investments in the agri-food sector to boost food security in Kazakhstan.
IOFS will continue to promote investment and trade in the agricultural and industrial sectors through its full subsidiary International IFPA (Islamic Food Processing Association) with a special focus on establishing and supporting food clusters in IOFS member countries via quasi-government entities as IPA’s and ECAs, as well as, with international associations such as WAIPA and Aman Union.