First Deputy Prime Minister of Kazakhstan Roman Sklyar and President of Kia Corporation in the CIS countries Sang Gwon Jong have signed founding documents on the creation of a joint venture Kia Qazaqstan. The joint venture will oversee the construction of a new Kia car plant in Kostanay, Kazakhstan, Turanews.kz reports.
The plant is expected to have a production capacity of 30,000 cars per year. It will be the first localization center for the automotive industry in Kazakhstan and will train technical specialists in new formats.
The investors will invest 90 billion tenge (about $200 million) in the project. The plant is expected to be completed in 2025.
The construction of the Kia plant is a major boost for the Kazakh automotive industry. It is expected to create thousands of jobs and boost exports. The plant is also expected to help Kazakhstan develop its automotive supply chain.
The signing of the founding documents is a significant step in the development of Kazakh-Korean industrial cooperation. It is a sign of the strong commitment of both countries to strengthening their economic ties.
The plant is also a sign of the growing importance of Kazakhstan as a manufacturing hub in Central Asia. The country has a strategic location and a young and growing workforce. It is also a member of the Eurasian Economic Union, which gives it access to a large market.
