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Kazakhstan should become food supplier: McKinsey's Dobbs

29 may 2015, 14:42
0
Richard Dobbs. Photo courtesy of saudiaee.org
Richard Dobbs. Photo courtesy of saudiaee.org

Kazakhstan should position itself as an international supplier of food produce. Director of the McKinsey Global Institute (MGI) Richard Dobbs expressed this opinion at the investment forum held in the framework of the VII Astana Economic Forum on 21 May, Tengrinews reports.

"When we talk about stimulating the growth of the middle class in Asia, we are talking about changes, about seeing an increase in other productions, not of just oil wells. Here we see a huge increase in demand for food products. I think that oil prices will remain volatile. But in reality something else is important for Kazakhstan. Since Kazakhstan grows a huge amount of crops, Kazakhstan can also position itself as a supplier of food products. I think that such companies, such investors need to be in Kazakhstan. Let's create processing hubs," Dobbs suggested.

He noted that in addition to grain, Kazakhstan could also specialize on growing poultry. This, in his opinion, could become a huge source of growth for the country. Dobbs said that if Kazakhstan supplied poultry to its neighbors, it could ensure sustainable growth for the period of 5-7 years. He also added that it was necessary to try and create new supply chains.

"Maybe you need to build a petrochemical cluster. It will also be sufficiently important for Kazakhstan. What do you need to be a supplier of raw materials or food? I think that this requires a well-developed logistics infrastructure. It is very important for transnational companies. This will make Kazakhstan a Central Asian logistics hub," the director of the McKinsey Global Institute said.

In the opinion of Forbes editor-in-chief Steve Forbes, Kazakhstan needs to develop high technology.

"I don’t see why one would forego development of high-tech here. Then you can build a food supply chain. The next step could be developing financial services, to ensure stability of the currency. You will see an increasing number of people who would want to use it as a basis for development of more financial services, as was in the case of Singapore and Hong Kong. One of the pillars of the free market is that people create their own businesses not only locally but also internationally," Forbes said.

Reporting by Aidana Yussupova, writing by Dinara Urazova, editing by Tatyana Kuzmina


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