German investors figure out attractive sectors of Kazakh economy

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ASTANA. KAZINFORM German companies are showing interest in establishing manufacture for heavy engineering and railway sector in Kazakhstan. Deputy Minister for Investment and Development of Kazakhstan Yerlan Khairov told journalists about this on the sidelines of the 11th Session of the Kazakh-German Intergovernmental Working Group for Trade and Economic Cooperation, Kazinform correspondent reports.

"The main target of the working group is to discuss a series of issues, primarily trade and economic, investment, cultural and humanitarian ones. It is the platform, where the two countries' state bodies compare their positions and determine the key points," Yerlan Khairov said.

He also noted that a business council was held in conjunction with the visit of the President of Germany, Frank-Walter Steinmeier. There, over 20 documents for about $1 billion have been signed.

"Altogether, Germany has invested over $4bn in Kazakhstan within the last 12 years. It is noteworthy that 90 percent of this investment was used for the non-extractive sector of the economy. Today, we will discuss specific issues, and specific projects. We have over 63 joint projects worth about $5bn, which are in the active stage of implementation. Therefore, the main target of our working group is to create good, favorable conditions for implementation of the joint investment projects. The projects refer various areas, mostly in the non-extractive sector. That is, it is manufacture in the field of mechanical engineering, chemical, petrochemical industries, agriculture ... They are interested in heavy engineering, railway production. A number of German companies are already operating in Kazakhstan, they supply goods inland and for export," Yerlan Khairov added.

 

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