ASTANA, Kazakhstan, August 13. The construction of the largest municipal market in the region has officially begun in the city of Semey of Kazakhstan’s Abai region with the participation of regional Governor Berik Uali, General Director of Xin Yi Ltd Suinbai Beisenuly, and company representative Shi Cu Liang, Trend reports citing the regional administration.
The project is being implemented in cooperation with the social-entrepreneurial corporation Semey. Construction work is being carried out by the Chinese company Xin Yi Ltd, which will transfer the completed facility to the corporation upon completion. Local agricultural producers will be provided with free market stalls to sell their products. The initiative aims to stabilize prices and ensure the population has access to affordable food.
In the course of the ceremony, Berik Uali underscored that this project will give a boost to the socio-economic development of the Abai region and contribute to strengthening the friendship and partnership between Kazakhstan and China.
“We are witnessing the launch of an important project aimed at developing regional infrastructure and strengthening international cooperation. This spring, in the city of Altay (PRC), as part of the regional economic conference ‘Greater Altay’, we held a series of business meetings and signed important agreements for our region. During that trip, a partnership agreement was signed with Xin Yi Ltd. This is a significant step in building trust between our countries. These agreements are the result of a close and productive dialogue between the President of Kazakhstan Kassym-Jomart Tokayev, and Chinese President Xi Jinping. Such cooperation at the level of national leaders opens the way for interregional ties to grow. Our partners and investors also plan to contribute to the construction of a new administrative and business center in Semey, including residential buildings and a hotel. Construction has already started. We are ready to work together,” said the regional governor.
According to him, the new market will make a substantial contribution to the economic development of the regional center and has strong potential to become a trade and logistics hub for both Kazakhstan and neighboring regions of bordering countries. The facility will modernize the region’s commercial infrastructure, create comfortable conditions for entrepreneurs, and allow residents to purchase high-quality goods at affordable prices.
Xin Yi Ltd will fully finance the project. Investment at each stage will amount to 5 billion tenge (approx. $9 million), with three stages planned for a total of 15 billion tenge (approx. $27 million). The first phase will create about 2,000 new jobs. As the project develops, trade turnover will increase, and support will be provided for small and medium-sized businesses. Once fully operational, the facility will employ up to 5,000 people. Additionally, the project will strengthen the region’s food security.
