Kazakhstan-Singapore Services and Investment Agreement will take effect on Saturday (March 1).

The Ministry of Trade and Industry issued a statement on Saturday to announce the entry into force of the agreement.

The statement said that after the agreement comes into effect, Singaporean companies can obtain additional market access in 15 service industries in Kazakhstan, enjoy more relaxed investment regulations, and make business conditions more convenient.

15 service areas include medical specialty, dentistry, interdisciplinary research and experimental development, real estate management consulting, interior design, entertainment, funeral and hairdressing and beauty. Singapore qualified technicians with at least five years of professional experience can provide services including law, accounting and bookkeeping, urban planning, management consulting and maintenance in Kazakhstan.

In May 2023, Chen Shilong, Second Minister of Trade and Industry, and Serik Zhumangarin, the Deputy Prime Minister of Kazakhstan and then Minister of Trade and Integration, signed the agreement during the state visit of then President Halima to Kazakhstan. Kazakhstan and Singapore have completed the domestic procedures required for the entry into force of the agreement.

Further reading

Yan Jinyong: The economic outlook is uncertain and companies must remain flexible and resilient to meet the challenges

Yan Jinyong: The economic outlook is uncertain and companies must remain flexible and resilient to meet the challenges

New text, Cambodia, India, Mafitai promises to strive to recover the civil aviation industry, seven countries should promote the development of ASEAN single aviation market

New text, Cambodia, India, Mafitai promises to strive to recover the civil aviation industry, seven countries should promote the development of ASEAN single aviation market

The statement pointed out that Kazakhstan is the largest economy in Central Asia and has become the gateway to Central Asia with its strategic position. Kazakhstan is an important trading partner of Singapore. The agreement strategically supports Singaporean companies seeking business diversification and establishing closer commercial ties with third countries through the Trans-Caspian East-West-Middle Corridor initiative.

The Ministry of Trade and Industry said Kazakhstan has abundant natural resources, such as key minerals, energy commodities and agricultural products, becoming Singapore's partner to strengthen supply chain resilience. Kazakhstan's GDP growth rate is expected to rise to 4.7% in 2025 and maintain a steady growth of 3% to 3.5% in the long run.

Fu Haiyan, Minister for Sustainable Development and Environment of Trade Relations, said: “Singapore and Kazakhstan have maintained a deep and good bilateral relationship for a long time. The Kazakhstan-Singapore Services and Investment Agreement plays an important role in strengthening our economic partnership. The entry into force of the agreement will provide smoother market access for enterprises from both countries and bring more opportunities to expand their business.”