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Kazakhstan will seek to emulate the UAE success, president says

Kazakh-stan will seek to emulate the UAE's success in econ-omic zone management and attracting foreign direct investment, Kazakh-stan President Nursultan Nazarbayev said Wednesday.

He praised the UAE for achieving comprehensive development and attributed this to the wise leadership of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan. He said this achievement made it possible for the UAE to attract leading international companies that are looking for investment opportunities.

He noted that his country was trying to emulate the UAE's experience in economic diversification, adding that the incentives and facilities being offered by the country were unmatched in the region.

Nazarbayev said his visit to the UAE had led to the signing of a number of bilateral agreements, including an extradition agreement and pacts on fighting crime and cooperating on civil and commercial issues.

He pointed out that the UAE is his country's leading strategic partner in the Arabian Peninsula because relations between the two countries are based on a solid foundation in view of the partnership agreements the two countries have signed over the years.

He said trade between the two countries reached $300 million last year, adding that the figure is expected to increase in view of the positive economic and trade cooperation between the two countries.

Nazarbayev said that "there is great similarity between the economies of the UAE and Kazakhstan, which depend on oil and gas.

"Hence, they have to look for joint methods to diversify national income sources and economy".

He added that the oil and gas sector in his country is in need of investment from the UAE, indicating that "there are huge untapped opportunities in natural resources in Kazakhstan".

Nazarbayev said that Kazakhstan had signed an agreement with the UAE Mubadala Company to exploit oil from the largest Kazakh oil field.

The president noted that Kazakhstan would soon endorse the Islamic banking regulations ahead of setting up subsidiary Islamic banks, adding that the Islamic banking system has a bright future.