URALSK, Western Kazakhstan Oblast, 28 February 2003 -- Over 70 companies from Kazakhstan and Russia are taking part in the annual Shanyrak exhibition that is being staged in Uralsk.

This year the event is being staged in conjunction with a forum for regional entrepreneurs and both are being sponsored by the Western Kazakhstan authorities, the Otan Party and the Karachaganak Integrated Organisation.

WKO Akim Krymbek Kusherbayev said: "The development of the oil and gas industry, and the Karachaganak development in particular, are attracting the attention of businesses from throughout the country and internationally.

"It is playing a major role in creating a favourable climate for investments in the region".

Alexander Kim, the deputy chief of the regional department for support of entrepreneurs said: "The organisers of these events set out to provide a shop window in which to show the economic achievements of Western Kazakhstan.

"It is hoped that this exhibition and forum will stimulate further investment in the region and promote the establishment of joint ventures in the field of mechanical engineering, construction and processing of agricultural goods".

KIO's 80 square metres stand at the exhibition, where the company is showing its achievements in the areas of Kazakh vendor development, environment protection, nationalisation and the significant contribution it has made to the social development of the region has created great interest from visitors and participants alike.

KIO general director John Morrow revealed that the level of Kazakh content in the Karachaganak project reached 64 per cent in 2002, easily breaking the original target of 43 per cent.

"By the end of 2003 we expect that the value of contracts granted to Kazakh companies will have reached $1.3 billion", he said.

Last year, more than 100 Kazakh companies took part in business seminars organised by KIO as part of its Vendor Assistance programme. The company is also sponsoring training for 13 companies from Western Kazakhstan and other regions including AtyrauNefteMash, ZIKSTO, Gidromet, ELMO, AksaiGazService and others.

"The aim is to put them in a position to compete with western companies for business both in this country and internationally", said John Morrow.

KIO has facilitated joint co-operation agreements between eight Kazakh companies and western vendors. These will promote the transfer of skills and technology and also inward investment that will accelerate the development of Kazakhstan's industrial potential and create export opportunities in the future.