Chinese company is set to invest US$30 million into a joint project with Kazakhstan
One of the largest Chinese companies is set to invest US$30 million in the implementation of a joint project with Kazakhstan. The company is planning to build an agricultural machinery manufacturing plant. The parties have completed the negotiations process related to the project. The investors also learned more about the conditions that have been created for the project’s implementation. The enterprise will be located in the Kostanai region. The first tractors manufactured in Kazakhstan will be present at the market next year.
ZHUWEI JIANG, CHAIRMAN, YTO GROUP CORPORATION:
- Kazakhstan is actively working on attracting investments. I believe that this project will be successful and profitable. There is a large sales market for agricultural machinery. It is an excellent opportunity. We plan to export our products to the Eurasian Economic Union countries.
The Chinese company is known on the Kazakh market. Their representative office is selling agricultural vehicles in Kazakhstan. The statistics show that the Chinese tractors are in great demand. The parties believe that assembling vehicles in Kazakhstan is a profitable and effective solution.
ANDREI LAVRENTYEV, MEMBER, BOARD OF DIRECTORS, AGROMASH HOLDING:
- We think that this is a large project that covers not only Kazakhstan but also the entire Eurasian Economic Union. Our Chinese partners are very interested in accessing other markets as well. That’s why this plant can manufacture vehicles not only for Kazakhstan but also beyond. The project will be implemented to manufacture products for other markets as well. The project is implemented to fulfil President Nursultan Nazarbayev’s task and the Government’s objective.
The new tractor plant in Kostanai region is not the first joint Kazakh-Chinese project. There are 51 joint projects in manufacturing. According to experts, cooperation as part of the Nurly Zhol program and the Belt and Road Initiative will contribute to the growth of Kazakhstan’s export potential.