Kazakhstan, South Korea to establish JV for electrical equipment manufacturing
BAKU, Azerbaijan, Jan. 16
By Nargiz Sadikhova - Trend:
The plant for manufacturing of high voltage electrical equipment will be launched in Kazakhstan in 2022, Director of Business Development of Alageum Electric company Sultan Ilyasov told Trend.
According to Ilyasov, the project will be implemented by establishing a joint venture between Alageum Electric and South Korean Hyosung Heavy Industries.
The project was discussed during the visit of Nur-Sultan’s Head Altay Kulginov to South Korea in January 2020 and his negotiations with the management of the Hyosung Heavy Industries company.
Ilyasov said that the future plant will develop and produce, using the latest technology, compact gas distribution equipment to be installed in large cities and address the issue of safe and stable electricity supply in confined spaces in fast-growing cities. The goods manufactured at the plant are to be sold in Kazakhstan and to be exported to other countries.
“The construction of the plant is planned at the territory of special economic zone in Nur-Sultan city. The construction period is 2020-2022,” the official said.
Ilyasov also noted that the project will allow to manufacture 150 units of equipment a year, as well as create over 200 new work places.
Alageum Electric is the largest electrotechnical company in Kazakhstan, which includes more than 30 large enterprises and plants successfully operating in the field of electric power, electric machine industry and construction.
Hyosung Heavy Industries is engaged in various areas of construction, including the areas of housing, redevelopment and reconstruction, business and commercial facilities, civil engineering and environment.
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