ASTANA, Kazakhstan, April 27. Chinese Xinxing group intends to build a pipe plant in Kazakhstan, Trend reports.
This was discussed in a meeting between Kazakhstan's Minister of
Industry and Construction, Kanat Sharlapaev, and the company's
acting general director, Ye Maolin.
Ye Maolin stated that it is willing to establish a plant in
Kazakhstan with guarantees for utility network construction and
upgrade.
The minister, in turn, stated that if the investor installs such
production in the country, it will receive a guaranteed buyout
throughout the building and renovation of utility networks.
From March through April 2024, representatives of Xinxing visited the production sites of the Tekeli Mining Processing Complex (TGPC) and the Sokolov-Sarybay Mining Processing Association (SSGPO) in order to familiarize with the raw material base for the construction of a pipe plant.
Notably, Xinxing group is an enterprise consisting of 4 largest groups of companies in China. It includes the iron and steel production sector - Xinxing Ductile Iron Pipes Co., Ltd, mechanical engineering - Xinxing Heavy Industries Group Co.,Ltd., construction and real estate management - Xinxing Development Co Ltd and light industry - Jihua Group Co., Ltd.
To note, China became Kazakhstan's largest trading partner in 2023. The trade turnover between Kazakhstan and China was $31.4 billion in 2023. The volume of trade turnover increased by 30 percent from the same period in 2022 ($24.2 billion).
In terms of trade turnover, exports to China over the
aforementioned period amounted $14.7 billion, 14.7 percent more
than from January through December 2022 ($13 billion).
In addition, imports from China increased by 50.5 percent between
January and December 2023, totaling $16.7 billion. Imports in 2022
totaled $11.1 billion.