MoU signed between IOFS and the National Chamber of Entrepreneurs Atameken

MoU signed between IOFS and the National Chamber of Entrepreneurs Atameken
23 October 2019

The session titled “Islamic Organization for Food Security: Export and Investments” was held on October 23, 2019, within the framework of the Kazakhstan International Exhibition of Agriculture and Food Industry KazAgro-2019.  The session brought together agricultural producers, representatives of international organizations and OIC states embassies, national companies, government agencies, agricultural associations and unions.

The activities of the Islamic Organization for Food Security (IOFS) were presented during the session. The IOFS was established on the initiative of the First President of the Republic of Kazakhstan – Yelbasy - Nursultan Nazarbayev to ensure food security of the countries of the Organization of Islamic Cooperation. One of the main goals of IOFS is to orient the market of Muslim states on products and goods produced in our countries. Particularly, in order to strengthen trade and economic cooperation, reduce production costs, including reducing crop losses, introduce advanced technologies and materials, IOFS is creating the International Islamic Food Processing Association, the Grain Fund. On the basis of these structures, it is planned to elaborate and implement huge economic and investment projects, conclusion of trade transactions, coordination of outreach work and etc. Therefore, the signing of the Memorandum of Understanding between IOFS and National Entrepreneurs’ Chamber of Kazakhstan “Atameken” can be considered as the very first step in establishing cooperation with potential participants of these projects.

This was announced at the session by IOFS Director General Yerlan Baidaulet, Deputy Chairman of the Board of National Chamber of Entrepreneurs of Kazakhstan "Atameken" Olzhas Ordabayev and IOFS staff members Azamat Khamiyev and Maral Imanbayeva.

The existing Islamic Finance instruments for agriculture industry were also presented during the seminar by the Head of the Association of Islamic Finance Professionals Kuralay Yeldesbay. The managing director of JSC "NC" KazakhInvest " Ulbolsyn Sarybaeva presented Kazakhstan investment projects in the agricultural sector.

At the closing session, IOFS Deputy General Director Dr. Hameed Opeloyeru thanked all participants and noted big opportunities of the OIC as a “head office”, called on large Kazakh companies like Atameken NCE, Kazakhinvest JSC to cooperate with OIC structural organizations, as the Islamic Development Bank Group, Islamic Chamber of Commerce and Industry, to ensure the effective integration of Kazakh agricultural producers in the Islamic agricultural market, as well as attract foreign investment in the development of Kazakhstan's agricultural sector.

Overall, there are great opportunities for Kazakh agroproducers to enter the international market, expand the range of their services by using new financial instruments and investments.