Kazakh Sovereign Wealth Fund to launch 44 production facilities in 2012-2014

Business Materials 18 May 2012 12:37 (UTC +04:00)

Azerbaijan, Baku, May 18 / Trend E. Kosolapova/

Kazakh Sovereign Wealth Fund Samruk-Kazyna will launch 44 new production facilities in the next three years, the Fund head Umirzak Shukeyev said within the company's meeting on the local content development on Friday, Kazinform reported.

Shukeev said that many companies producing locomotives, valves and batteries have been recently established in Kazakhstan.

"As a result of these production facilities, the fund's affiliated companies have reduced purchases of foreign goods by 3,500 items within three years," Shukeev said.

The main objective of the Samruk-Kazyna Fund is to manage the shares of the national development institutions, companies and other legal entities belonging to it, to maximize their long term value and increase competitiveness in the world markets.