Swiss investors making moves in the caviar business

22 February 2022 10:05

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Joint Chamber of Commerce

Related partners

Joint Chamber of Commerce

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Geneva/Meyrin - The Caviar & Prunier Group and Swiss Choice Holding are investing at least 10 million US dollars in the establishment of caviar farms in Kazakhstan. Their aim is to achieve annual production of up to 50 tons of caviar and 500,000 kilos of fish meat.

Swiss investors are keen to restore Kazakhstan’s caviar industry to its former glory. According to a press release issued by the Kazakhstan’s state-owned business promotion agency, Kazakh Invest, the Caviar & Prunier Group, headquartered in Meyrin in the canton of Geneva, is planning to invest “at least” 10 million US dollars to set up a handful of projects “for the production of caviar products and fish meat” in conjunction with the Geneva-based firm Swiss Choice Holding.

According to information in the press release, the Swiss partners are keen to tap into new sales channels for caviar on the international market and train up Kazakh specialists. “We intend to return the caviar industry of Kazakhstan to its former glory and make the brand recognizable”, explains Xavier Rey, Executive Director of Swiss Choice Holding, in the press release. He also believes it is “quite realistic” to achieve annual caviar production of up to 50 tons and 500,000 kilos of fish meat at fish farms based in Kazakhstan.

Xavier Rey and the Head of Swiss Choice Holding SA, Christian Rey, discussed their plans at a meeting with the Chairman of the Investment Committee of the Ministry of Foreign Affairs of the Republic of Kazakhstan, Ardak Zebeshev, and Zhandos Termirgali from Kazakh Invest. All parties involved have now signed a corresponding Memorandum of Cooperation. Shortly before this, the Swiss investors also signed a Memorandum of Cooperation with the Ministry of Ecology, Geology and Natural Resources in addition to discussing plans in relation to the fish farming project with the Vice-Minister of Agriculture.

Zebeshev has promised the investors state support. In the first instance, this involves “exemption from customs duties and VAT on imports”, while there will also be “preferences for some taxes, as well as government grants”.

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