A high-level business delegation from Ras Al-Khaimah recently went for a three-day visit to Kazakhstan to boost bilateral trade and attract investments from Kazakhstan into the emirate of Ras Al-Khaimah. During their three-day visit, the delegation met with several representatives from Kazakhstan's business community and also senior government officials. The delegation was comprised of 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. They visited the cities of Almaty and Astana. During the meeting, the delegation highlighted the attractive business climate in Ras Al-Khaimah and emphasized on various factors that have made the emirate one of the preferred business and tourism destinations in the Middle East. Factors such as 100 percent income and corporate tax exemptions; 100 percent capital and profit repatriation; easy availability of labor; 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. 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. Moreover, Ras Al-Khaimah's GDP (gross domestic product) currently stands at $2.52 billion, having grown by more than 50 percent 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. __
