International IFPA and United Chemical Company discuss prospects of future cooperation

International Islamic Food Processing Association (“IFPA”) had a bilateral meeting with the Managing Director of the United Chemical Company (“UCC”).

UCC was established in 2009 to develop and implement investment projects in the chemical industry, with its sole shareholder being Samruk-Kazyna Sovereign Welfare Fund JSC.

During the meeting, Mr. Zhankubayev Berik, Managing Director for Business Development of UCC discussed about company’s main activities, which largely involve the implementation of investment projects in the chemical industry, the subsurface use field and the development of new chemical production facilities in Kazakhstan. He noted that: “сhemical industry of Kazakhstan over the past 20 years has undergone various changes, and UCC is now focusing on development of competitive production facilities in chemical industry to manufacture high-tech, export-oriented and innovative products with high added value”.

The Director General and CEO of IFPA, H.E. Sheikh Bilal Khan remarked that: “IFPA is very keen to develop close cooperation with UCC to create special services in attracting Islamic investments and financing to projects in the chemical industry related especially to agri-food projects. The proper development of the related industries plays a huge role in the overall sustainability of the food industry, as various types of chemical substances are used in food production and if done properly, food processing can be harmless and beneficial, such as drying, pasteurization, cooling, fermentation, cleaning and washing. They are crucial for maintaining high-quality agri-food products”.

The parties agreed to continue their mutual discussions to exactly define the framework for close cooperation in developing investment projects in the related industries.