International Islamic Food Processing Association (“IFPA”) and Nur Tobe Limited Liability Partnership (“Nur Tobe”) agreed to develop cooperation in the sphere of food processing sector.
Nur Tobe is a diversified and multi-project enterprise that incorporates flax-seed oil production, pasta producing plants, bakery manufacturing and possesses approximately 30,000 hectares of agricultural land. It cultivates durum species of wheat commonly used in pasta production which typically are planted in the spring and harvested in the fall, as it is well adapted to the hot and dry conditions surrounding the northern Kazakhstan region where it’s manufactures reside. Nur Tobe aims to apply conventional pressing of flaxseed, which is a simple and low-cost producing process and can obtain higher income with lower investment.
Director of Nur-Tobe, Mr. Timur Bergaliyev during the meeting noted that: “We are committed to continuous innovation and improvement practices in the oilseed, pasta, and bakery production sector to increase sustainability, productivity, and product quality and aim to work very closely with IFPA in its value-added services. Support measures from IFPA’s pool of investors will facilitate this industry development with subsidies to reimburse part of the costs for production.”
The Director General and CEO of IFPA, H.E. Sheikh Bilal Khan welcomed satisfaction towards this new impetus given to cooperation and noted that: “close business cooperation between IFPA and Nur Tobe in agri-food trade and investment through the platform of IFPA focusing primarily on the use of Islamic finance, investment funds, Shariah structuring, Sukuk listing, and other Islamic investment instruments will develop the much-needed infrastructure, technology, storage and distribution facilities, thereby catapulting new export opportunities of value-added secondary and tertiary processed food products for entities such as Nur Tobe and others in the sector.”