Chinese company will invest US$ 1.1 billion in Kazakh automotive industry

Chinese company will invest US$ 1.1 billion in Kazakh automotive industry

Foreign investors are stepping up their activities in Kazakhstan. A large Chinese state-owned company is set to start operations in the Kazakh automotive industry. The parties signed an investment agreement in Astana and will invest US$ 1.1 billion in the joint venture. The partners are planning to increase production volumes to 100,000 cars. The partnership with the Chinese company is expected to create new opportunities for the Kazakh enterprise to increase its production capacities, boost the automotive industry development and the export potential. The partnership will become an important component of the Silk Road Economic Belt program.

LU YIMIN, CHAIRMAN, CHINESE INVESTOR:

- We signed a document of historical significance which will contribute to the economic development of the two countries. As part of the joint project, we are planning to introduce the latest technologies, increase the local content and expand the brand portfolio. We hope that this partnership will be enhanced in the future.