BAKU, Azerbaijan, May 13
By Nargiz Sadikhova - Trend:
Operation of Kazakhstan’s Azia Auto car-assembling plant may be suspended as a result of termination of the current industrial assembly agreement by Kazakhstan’s ministry of Industry and infrastructural Development, Trend reports with reference to the plant's press office.
CEO of the Azia Auto Yerzhan Mandiyev said that a total of $511 million were paid to the country’s budget since the plant started its operations.
“Out plant is the largest taxpayer in the industry. A total of $74 million has already been invested in the plant’s capacity. Another $90 million are to be invested. These are the company’s own funds. On April 11, we received a letter from Kazakhstan’s Ministry of Industry and Infrastructure Development which said that the relevant authority is terminating the agreement on industrial assembly,” Mandiyev said.
Thus, he said, the agreements between the state and the plant regarding the development of production projects are being canceled. Basically, this means stopping the operation of the existing Azia Auto conveyor and suspending construction of full-cycle facilities at company's new site in Ust-Kamenogorsk.
Azia Auto JSC was grounded and passed its first state registration on December 20, 2002. Its parent enterprise is the car-assembly plant in the capital of the East Kazakhstan region’s Ust-Kamenogorsk.
---
Follow the author on twitter: @nargiz_sadikh