Kuwait to invest $1.5bln in Kazakhstan’s grain processing industry

Kuwait to invest $1.5bln in Kazakhstan's grain processing industry

Astana, The Gulf Observer: The Kuwait Investment Authority plans to inject 1.5 billion US dollars in grain processing industry in Kazakhstan. Chairman of the Presidium of Atameken National Chamber of Entrepreneurs Raimbek Batalov said it on the sidelines of the CICA Business Forum, according to media reports.

Raimbek Batalov said that foreign investors are considering today the opportunity of financing some projects in cattle-breeding, grain growing and processing in Kazakhstan.

He then said that Kuwaiti business is considering a number of serious and large grain processing projects in Kazakhstan.

The Kuwait Investment Authority considers investing 1.5-2 billion US dollars in a project [in Kazakhstan – edit]. The first step has already been made, a land plot in Akmola region has been allocated, Batalov said, but did not specify the project.

Foreign investors are also interested in four projects on localization of production of towers and blades for renewable energy sources in Kazakhstan, he said.

As for RES, investments in each production project will make not less than 20 million US dollars. Kazakhstan is interested in these projects. They are absolutely real. We are considering propositions from investors from Central Asia, China, Türkiye, Germany.

Batalov added that the cost of certain projects within the CICA business council slightly exceeds 100 million US dollars.