BAKU, Azerbaijan, September 25. Kazakh President Kassym-Jomart Tokayev, via videoconference on the sidelines of the Kazakhstan-China Investment Forum today, launched construction of an industrial park for deep processing of corn in the Zhambyl region, according to the president’s press service.
The project is being implemented by Chinese company Fufeng Group, one of the global leaders in biofermentation.
Investment in the production complex will amount to $350 million at the first stage. The plant will process up to 500,000 tons of corn annually.
At the second stage, the plant’s capacity is planned to increase to 3 million tons of corn per year, with an expanded range of products. Investment at this stage will amount to $1.15 billion.
The development of the industrial park is expected to create around 1,500 jobs and establish a full production cycle for deep grain processing in Kazakhstan.
"The project will contribute to the development of deep processing of agricultural raw materials, expansion of industrial cooperation with China and strengthening the export potential of Kazakhstan’s agricultural sector", the president’s press service said.
Earlier today, speaking at the forum, Tokayev said Kazakhstan-China trade turnover had approached a record $50 billion last year. The two governments are working to increase bilateral trade to $100 billion. China is also traditionally among the largest investors in Kazakhstan, with cumulative investment exceeding $29 billion, Tokayev said.
