BAKU, Azerbaijan, September 17. Fifteen
documents totaling $401.9 million were signed through Kazakhstan’s
Ministry of Industry and Construction during Kazakh President
Kassym-Jomart Tokayev’s state visit to South Korea.


This was announced in a statement by the press service of the
Kazakh Ministry of Industry and Construction.


According to the Ministry, the documents cover automotive
manufacturing, localization of auto components, equipment supplies,
processing industry, digital technologies, innovation, and
cooperation in rare metals.


In particular, Astana Motors and Hyundai Motor Company signed an
agreement worth $67 million on the production of a new Hyundai
Tucson model in Kazakhstan. Under the agreement, Hyundai Motor
Company will transfer new technologies to Kazakhstan for the
production of the updated Hyundai Tucson using the
semi-knocked-down (SKD) method.


"Kazakhstan already produces the Hyundai Tucson with a high
degree of localization. As part of the global premiere, a new
version of the model was presented, with the company significantly
updating its technological platform. Kazakhstan has gained access
to new technologies, which is an important step for the development
of the automotive industry. For consumers, this means the
opportunity to purchase a new version of the Hyundai Tucson
produced directly in Kazakhstan," the ministry said.


The Eurasian Group and Hyundai SungWoo Casting Co. Ltd. signed a
$50 million memorandum of cooperation on the production of
automotive wheels as part of Kazakhstan’s auto component
localization program. The project is aimed at attracting a key
technical partner for Kazakhstan’s automotive plants.







QazIndustry and the Korea Institute for Industrial Economics and
Trade (KIET), a South Korean state research institute, signed a
memorandum of understanding on cooperation and exchange of
experience in developing the manufacturing industry, introducing
advanced digital technologies and innovative solutions.


A letter of intent was also signed between Mineral Product
International and SAC Co., Ltd. on the supply of equipment for the
second stage of a ferrosilicon production plant in Ekibastuz.


The National Center for Technology Foresight of Kazakhstan and
the Korea Institute of Rare Metals signed a memorandum of
cooperation. The agreement is expected to facilitate joint work on
developing laboratory capacities in Kazakhstan, as well as
cooperation in developing the raw material base, processing
technologies, and production of higher value-added products.


A number of other documents aimed at expanding industrial
partnerships and cooperation were also signed during the visit.