Kazakh President receives CEO of Astana Group

ASTANA. KAZINFORM - Head of State Nursultan Nazarbayev has held a meeting with President of Astana Group Nurlan Smagulov, Kazinform cites the press service of Akorda.

At the meeting, the Head of State was informed of the execution of the instructions regarding further development of the domestic automotive industry.

Nurlan Smagulov reported to Nursultan Nazarbayev on the commencement of Hyundai car factory construction in Almaty by Astana Motors.

"The capacity of the factory will be 30,000 cars at the first stage and will be increased to 45,000 cars per annum at the second stage. This will make it possible to saturate Kazakhstan's market with high-quality and affordable Hyundai cars and to export them to the CIS countries. The investment in the project will total KZT 25 billion. In addition to own funds, borrowed funds will also be raised on commercial terms. The opening of the factory will create 700 new jobs," said the head of the company.

At the end of the meeting, Nurlan Smagulov thanked the President of Kazakhstan for his continued support for Kazakhstani business development and the decision made on a car loan program similar to the 7-20-25 Mortgage Program.