BAKU, Azerbaijan, Mar. 25
By Nargiz Sadikhova - Trend:
Georgian Industrial Group will set up manufacturing of tractors of the Chinese YTO Group in Kazakhstan, Trend reports citing KAZAKH INVEST National Company.
The agreement on the industrial assembly of agricultural machinery was singed between the Georgian Industrial Group and Kazakhstan’s Ministry of Industry and Infrastructural Development.
Under the agreement signed, investors will be exempted from import customs duties and VAT. The company is implementing this project in cooperation with a Chinese YTO GROUP state-owned company. Investors plan to produce up to 500 tractors annually.
The production of such equipment in Kazakhstan is expected to give an impetus to the development of the agricultural machine-building and agro-industrial complex industries.
The total investment in the project will amount to $5 million. The first tractors are expected to be manufactured in May this year.
To date, KAZAKH INVEST assists in the implementation of 11 more projects in the field of agricultural machinery for $200 million. Three projects were put into operation in 2019 - 2020, currently work is underway to expand production capacity and deepen localization.
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