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Friday, November 22nd, 2019

Bakytzhan Sagintayev discusses prospects for investment cooperation in car manufacturing with representatives of Genertec holding

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by December 13, 2018 Business

At the meeting, prospects for investment cooperation in the development of the automotive industry and innovative technologies were considered.

Earlier, an investment agreement was signed in Astana on sharing the capital (51%) of the largest Kazakhstani automaker, Saryarka AvtoProm LLP, of a transnational Chinese state company for the import and export of vehicles China National Machinery IMP. & EXP. CORP, a member of Genertec. The cooperation will significantly improve the development of the Kazakhstan car industry and improve cooperation in the Eurasian market.

Genertec China General Technology (Group) Holding, Ltd. a stateowned company, founded in March 1998, the largest service provider, introducing modern equipment and technology, the largest importer and exporter of light industry products, medical products, the largest distributor and service provider mobile products, as well as an important equipment manufacturer, an international engineering contractor, a manufacturer and supplier of medicines, a supplier of technical and consulting services, and a construction and land agent. China National Machinery IMP. & EXP. CORP. is a major international designer, contractor for project management services and a service provider in the automotive industry, is part of Genertec.

According to the Ministry for Investments and Development, in 2017 the volume of production in the automotive sector amounted to 19,547 vehicles in the amount of 149.7 billion tenge, physical volume index in the sector 139%. The increase in production compared to 2016 was due to the mass production of passenger cars by the beginning of the current year by 3.2 times, as well as an increase in the production of buses by 81% and special equipment by 52.6%. It should be noted that in 2017, the export volume of vehicles increased 6 times compared to 2016 (258 by 1.4 billion tenge) and amounted to 1 548 worth more than 5 billion tenge.

According to the results of 10 months of 2018, the volume of production in the automotive sector amounted to 25,897 vehicles for 162.9 billion tenge. There is an increase in the production of passenger cars by 86% (24,155 units), trailers and semitrailers 2 times (448 units).

Source: The Prime Minister of Kazakhstan

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