German and Swiss Companies Interested in Kazakhstan's Development of Mechanical Engineering
During the visit of the German-Swiss business delegation to Kazakhstan, Chairman of the Management Board of JSC "NC "KAZAKH INVEST" Yerzhan Yelekeyev held a meeting with representatives of companies such as Gebr. Heller Maschinenfabrik GmbH, WTO Werkzeug-Einrichtungen GmbH, Paul Horn GmbH, ZIEHL-ABEGG SE, LNS Group, HERMLE AG and the German-Eurasian Economic Union. During the meeting, the parties discussed issues of investment cooperation in the machine-building industry of the Republic of Kazakhstan.
Gebr. Heller Maschinenfabrik GmbH and WTO Werkzeug-Einrichtungen GmbH, world leaders in machine tool construction, are already considering implementing investment projects in Kazakhstan. Gebr. Heller Maschinenfabrik GmbH is a leading manufacturer of milling machines and production systems, while WTO Werkzeug-Einrichtungen GmbH supplies tools for turning centers.
Paul Horn GmbH manufactures tools for processing machine tool products, and ZIEHL-ABEGG SE provides ventilation and air conditioning technologies. LNS Group is a leader in the automation of feed and removal of raw materials, and HERMLE AG is a leading manufacturer of machine tools and machining centers. The German-Eurasian Economic Union provides a platform for the direct exchange of experience and information, taking into account the interests of German businesses in developing and maintaining economic relations between Germany and the countries of Eurasia.
During their visit to Kazakhstan, company delegates will participate in the international exhibition "Kazakhstan Machinery Fair—2024" to meet potential Kazakhstani partners and hold meetings with representatives of the public and private sectors.
The Chairman of the Board of the national company presented the trade and investment potential of the machine-building industry of Kazakhstan. He noted the need to develop bilateral cooperation further in this direction, inviting German and Swiss businesses to implement joint projects in Kazakhstan.
"Despite the growth in production volumes, there remains a high import dependence in the engineering sector. Thus, importing goods to Kazakhstan last year amounted to about 50 billion US dollars. Of these, imports of machine-building products amounted to US$ 20 billion, or more than 40% of the total imports of processed goods in Kazakhstan. It is also important that, due to the low localization of several machine-building industries, large volumes of imports are supplemented by products of components for subsequent assembly at domestic production facilities. This represents a huge untapped potential for domestic production and import substitution," Y. Yelekeyev said.
Following the meeting, the parties agreed to strengthen investment cooperation.
