Singapore and Kazakhstan Strengthens Relationship in Six Key Areas

June 2024

Kazakhstan and Singapore have entered into agreements across six key areas, marking a milestone in their bilateral relations. The agreements encompass economic integration, security, enterprise standards, intellectual property (IP) rights protection, higher education, and legal dispute resolution. The economic cooperation agreement aims to deepen collaboration in trade, technology, urban development, and tourism. This initiative builds upon existing frameworks such as the Bilateral Investment Treaty and the Services and Investment Agreement under the Eurasian Economic Union-Singapore Free Trade Agreement.

Notably, bilateral trade in goods saw a substantial increase in 2023, reaching USD 603.1 million, while trade in services surged to USD 67.4 million in 2022. Direct investments between the two countries have also been robust, with Singapore’s investments in Kazakhstan amounting to USD 960 million in 2022, and Kazakhstan’s investments in Singapore exceeding USD 1.3 billion.

Key projects involving Singaporean entities in Kazakhstan include Surbana Jurong’s involvement in master planning for the Alatau Special Economic Zone and PSA’s participation in the Trans-Caspian International Transport Route. These collaborations highlight Singapore’s strategic engagements in Kazakhstan’s infrastructure and logistics sectors.

Furthermore, the security cooperation agreement aims to combat transnational crime, while agreements on enterprise standards and IP rights protection seek to foster collaboration in food, logistics, sustainability, and intellectual property domains.

The education agreement sets the stage for increased institutional partnerships and exchanges between educational institutions in both countries, while the legal cooperation agreement aims to enhance international commercial dispute resolution and legal support.

Overall, the MOUs signify a significant step forward in strengthening the multifaceted partnership between Kazakhstan and Singapore, reflecting their shared commitment to mutual prosperity and development.

(Source: The Straits Times)

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