BAKU, Azerbaijan, September 17. Fifteen documents totaling $401.9 million were signed through Kazakhstan’s Ministry of Industry and Construction during Kazakh President Kassym-Jomart Tokayev’s state visit to South Korea.
This was announced in a statement by the press service of the Kazakh Ministry of Industry and Construction.
According to the Ministry, the documents cover automotive manufacturing, localization of auto components, equipment supplies, processing industry, digital technologies, innovation, and cooperation in rare metals.
In particular, Astana Motors and Hyundai Motor Company signed an agreement worth $67 million on the production of a new Hyundai Tucson model in Kazakhstan. Under the agreement, Hyundai Motor Company will transfer new technologies to Kazakhstan for the production of the updated Hyundai Tucson using the semi-knocked-down (SKD) method.
"Kazakhstan already produces the Hyundai Tucson with a high degree of localization. As part of the global premiere, a new version of the model was presented, with the company significantly updating its technological platform. Kazakhstan has gained access to new technologies, which is an important step for the development of the automotive industry. For consumers, this means the opportunity to purchase a new version of the Hyundai Tucson produced directly in Kazakhstan," the ministry said.
The Eurasian Group and Hyundai SungWoo Casting Co. Ltd. signed a $50 million memorandum of cooperation on the production of automotive wheels as part of Kazakhstan’s auto component localization program. The project is aimed at attracting a key technical partner for Kazakhstan’s automotive plants.
QazIndustry and the Korea Institute for Industrial Economics and Trade (KIET), a South Korean state research institute, signed a memorandum of understanding on cooperation and exchange of experience in developing the manufacturing industry, introducing advanced digital technologies and innovative solutions.
A letter of intent was also signed between Mineral Product International and SAC Co., Ltd. on the supply of equipment for the second stage of a ferrosilicon production plant in Ekibastuz.
The National Center for Technology Foresight of Kazakhstan and the Korea Institute of Rare Metals signed a memorandum of cooperation. The agreement is expected to facilitate joint work on developing laboratory capacities in Kazakhstan, as well as cooperation in developing the raw material base, processing technologies, and production of higher value-added products.
A number of other documents aimed at expanding industrial partnerships and cooperation were also signed during the visit.
