China to help Kazakhstan produce FMCG

09 апреля 2013, 09:17
Chairman of CITIC Group Chang Zhenming. Photo by Dmitriy Khegai©
Chairman of CITIC Group Chang Zhenming. Photo by Dmitriy Khegai©
Samruk-Kazyna National Welfare Fund and Chinese corporation CITIC Group is expanding their investment activities in Kazakhstan's non-energy sector, reports citing chairman of CITIC Group Chang Zhenming told the Kazakhstan journalists.

The parties have signed a strategic cooperation agreement. According to Zhenming, the corporation is primarily interested in the non-energy projects in Kazakhstan. "There are many other companies working in oil, gas and other natural resources sectors in Kazakhstan. Profitability and efficiency of oil and gas sector is not always stable. CITIC Group wants to take part in the trade and economic cooperation and make an impact on its development. Kazakhstan lacks production of FMCG and light industry," the representative of Chinese corporation said.

Zhenming said that CITIC Group launched several projects in Kazakhstan, including the asphalt plant and the Chinese Medicine Center. The money of the investment fund founded by the Corporation jointly with Samruk-Kazyna is planned to be spent on launching another ten projects in engineering, logistics, oil chemistry and production of construction materials. The fund's capital is $200 million. Half of this money have already been spent on development of the projects.

According to Zhenming, the fund will be able to have much more money in future, when other foreign investors enter it. Companies from Singapore, Great Britain and the U.S. may become the investors as well. However, Samruk-Kazyna and CITIC Group will retain their managerial functions.

The 12th session of the Boao Forum for Asia started in China on April 7. Kazakhstan President Nursultan Nazarbayev took part in the Forum. He also met with heads of the international delegations and Chairman of China Xi Jinping. Several bilateral documents were signed after the meeting.

By Dmitriy Khegai

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