Strategic partnerships with China to boost Kazakhstan’s economic diversification

ASTANA, Sept 03 (Kazinform/APP) : President Kassym-Jomart Tokayev highlighted several projects aimed at diversifying Kazakhstan’s economy, speaking at the 8th meeting of the Kazakhstan–China Business Council in Beijing, Kazinform News Agency cites the Akorda press service.
The Head of State stressed that Kazakhstan is currently implementing several strategically important projects in partnership with major Chinese companies, which are contributing to the development of mining and metallurgical sector.
He said that Fujian Hengwang Investment is implementing a project to build a metallurgical plant in the Zhambyl region with an annual capacity of three million tons of steel, while Jiaxin International is working on processing tungsten ore at the Boguty deposit in the Almaty region.
He added that effective cooperation has also been established with China Glass, which is carrying out a unique glass plant project in Kazakhstan. According to him, Almaty will soon see the launch of a multi-brand automobile plant with an annual capacity of 120,000 units, producing vehicles from GWM (Great Wall Motor), Chery, and Changan. In addition, the city will host a new electric bus plant by the Chinese company BYD.
The President emphasized that these projects will diversify the national economy and broaden Kazakhstan’s range of export-oriented products, noting that he had highlighted only the most significant among many joint initiatives. Recall that the 8th meeting of the Kazakhstan–China Business Council kicked off in Beijing.
As earlier reported, China invested 27 billion US dollars in Kazakhstan’s economy. Over 6,000 enterprises with the participation of China’s capital, including giants such as CNPC, CITIC, SINOPEC, and HUAWEI, and medium-sized businesses, operate in Kazakhstan.