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Economy

Staff Reporter

, Singapore

Published:

3 years ago

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MTI photo and caption: Minister for Manpower and Second Minister for Trade and Industry Tan See Leng and Kazakhstan Deputy Prime Minister and Minister of Trade and Integration Serik Zhumamgarin, signed the Kazakhstan-Singapore Services and Investment Agreement today on the sidelines of President Halimah Yaacob’s state visit to Kazakhstan.

SG, Kazakhstan enhance services, talent, and investment cooperation

The agreement will improve Singapore’s market access to Kazakhstan.

The governments of Singapore and Kazakhstan signed a deal to enhance mutual benefits in investment, services, and talent in both nations.

In a statement, the government said Minister for Manpower and Second Minister for Trade and Industry Tan See Leng and Kazakhstan Deputy Prime Minister and Minister of Trade and Integration Serik Zhumamgarin signed the agreement on trade in services and investment between the Republic of Kazakhstan and the Republic of Singapore.

Tan said the agreement will help Singapore companies venturing into Kazakhstan.

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The deal also improves market access to “1) specialised medical services; (2) dental services; (3) research and experimental development services on natural sciences; (4) interdisciplinary research and experimental development services; (5) residential and nonresidential property management services on a fee or contract basis; (6) services related to management consulting; (7) building cleaning services; (8) photographic services; (9) translation/interpretation services; (10) interior design services; (11) other specialty design services; (12) entertainment services (including theatre, live bands, and circus services); (13) dyeing and colouring services; (14) funeral, cremation and undertaking services; and (15) hairdressing and other beauty services.”

It also offers opportunities for Singapore firms to provide services in Kazakhstan and raises global exposure for Singapore talent.

The agreement also allows stability and predictability for Singapore investors, investments, and firms in Kazakhstan via investment protection disciplines.

“These include non-discriminatory treatment, fair and equitable treatment based on customary international law, and protection from illegal expropriation among others,” read the statement.

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