Ras Al Khaimah delegation visits Kazakhstan to enhance trade relations

A high-level delegation from Ras Al Khaimah comprising Serge H. Guillaume, Executive Director, Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate; Peter Michael Schuster, General Manager, RAK Offshore; and Hilary McCormack, Manager, RAK Tourism, recently visited the cities of Almaty and Astana in Kazakhstan to boost bilateral trade and attract investments from Kazakhstan into the emirate of Ras Al Khaimah.

During their three-day visit, the Ras Al Khaimah delegation met with several representatives from Kazakhstan's business community and also senior government officials.

Serge Guillaume conveyed the best wishes of Dr. Khater Massaad, CEO of RAKIA, to the Kazakh discussion partners and also expressed his satisfaction about the opportunity given to explore cooperation avenues with Kazakhstan.

During the meeting, the delegation highlighted the attractive business climate in Ras Al Khaimah and emphasised on various factors that have made the emirate one of the preferred business and tourism destinations in the Middle East.

Commenting on the visit, Serge H. Guillaume said, "The UAE and Kazakhstan enjoy strong bilateral trade relations, and we are confident that our visit to the Central Asian country will result in greater economic and investment partnership between the two countries. The visit provided an opportunity to explore various avenues for investment in both countries and specifically allowed us to present Ras Al Khaimah's growing significance as an attractive investment hub."

In February this year, the UAE and Kazakhstan signed three separate memoranda of understanding (MoU) to strengthen the strategic partnership between the two countries in the fields of energy, petrochemicals, manufacturing industries and mining.

Factors such as 100% income and corporate tax exemptions; 100% capital and profit repatriation; easy availability of labour; easy licensing procedures; excellent port facilities; and absence of foreign exchange controls, trade barriers and quotas, have attracted investors from across the globe to Ras Al Khaimah.

Moreover, Ras Al Khaimah's GDP (Gross Domestic Product) currently stands at $2.52bn, having grown by more than 50% over the last four years.

The significant growth has been attributed to the increased focus on sectors such as manufacturing, services, real estate, construction and tourism.

Further, Standard & Poor's (S&P) Ratings Services recently designated Ras Al Khaimah an investment grade, awarding it a long-term 'A' rating and a short-term grade of 'A-1' for foreign and local currency sovereign risk.

Obtaining an independent rating is a significant development for the emirate, enabling it to promote itself as an attractive investment location in its own right. S&P's stable outlook for RAK will also give a boost to companies already operating in the emirate.