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Tips for foreigners hoping to invest in Kazakhstan as new state seeks to develop its non-oil potential.
(From Lloyds List)
Byline: Personal touches and warm traditions make it a pleasure to do business in the country, say book's authors, writes James Brewer
GUESTS in Kazakhstan are expected to deliver an eloquent toast to their hosts.
For their part, the hosts will ensure there is a feast of eating and drinking. Socialising at the banya (sauna) or the restaurant, drinking tea, and inquiring about the family are critical to establishing a commercial relationship.
'The warm traditions of hospitality are one of the things that makes business in Kazakhstan truly enjoyable,' says Steve Fast of Harvard University.
The central Asian republic has indeed put out the welcome mat to international capital, with the Chevron-operated Tengiz oilfield (it has one third of the country's reserves) having star billing. It was the first post-USSR project to be finalised: a $20bn, 40-year deal signed in 1993.
More great business opportunities are luring outsiders, but becoming an insider is critical to success, warns Mr Fast, a contributor to a key new book about the country: Doing Business with Kazakhstan.
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