Global trade enabler DP World has signed a Memorandum of Understanding (MoU) with the Government of Kazakhstan for the development of a special economic zone in Aktau. The MoU was signed on 16 January 2017 and will work to boost trade and logistics in the country.
The MoU was signed by DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem and Governor of Mangistau, Akim Alik Aidarbayev in the presence of First Deputy Prime Minister, Askar Mamin. This agreement will build on DP World’s present management advisory services contract at the Port of Aktau, Kazakhstan’s main cargo and bulk terminal on the Caspian Sea. DP World also provides similar services under a separate contract with Kazakhstan Temir Zholy (KTZ), Kazakhstan’s national railway company for the development of the Khorgos Special Economic Zone (SEZ) and Inland Container Depot (ICD).
The development intends to stimulate the economic growth of the country, making Kazakhstan the largest transport and logistics hub in Central Asia.
Both parties will be exploring opportunities to work together on the Aktau SEZ development project while adding shipping capacity on the Caspian Sea. The projects are part of Kazakhstan President Nazarbayev’s five-year economic policy, ‘Nurly Zhol’, focused on the development of transport and logistics, energy and industrial infrastructure, as well as providing support for small and medium-sized businesses.
The partnership also includes the development of a range of existing and new projects to support the Government of Kazakhstan’s efforts to attract private investment for its transport infrastructure, including the Port of Aktau.
DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said “Kazakhstan is an important location along the New Silk Way – a trade corridor that will benefit economies of the world. New and efficient infrastructure is needed to realise seamless cargo movement with multi-modal transport links essential for profitable growth. To attract investors there is a need to find innovative ways of working together with a focus on infrastructure provision, developing financial markets, mitigating risks and eliminating red tape.”
Sultan Ahmed Bin Sulayem went on to say, “The development of Special Economic Zone in Aktau will stimulate economic growth of the country, and more importantly – it will make Kazakhstan the largest transport and logistics hub in Central Asia. We are delighted to have the opportunity to continue sharing our ports and logistics expertise with the government to develop the country’s modern logistics hubs as engines for economic development and to enable trade across the region.”
In related news, PTI recently covered DP World's plans to invest over USD $1 billion into India's maritime and inland trade.