Finland to invest in Kazakhstan


ASTANA (TCA) — President of Kazakhstan Nursultan Nazarbayev, during his visit to Finland on October 16, met with representatives of leading Finnish companies, such as Nokia, Wartsila, Vaisala, Metso, Koja, and Nurminen Logistics. Following the visit, more than 20 commercial and non-commercial documents were signed for a total amount of $545 million, Kazakh Invest national investment support and promotion company reported.

During the meeting, Finnish businessmen spoke about their current activities in Kazakhstan, as well as plans and prospects for the development of bilateral cooperation.

The dialogue participants noted a high potential for increasing cooperation and entry of Finnish companies into the Kazakh market, which implies localization of production, opening of joint ventures and investments.

During the President’s visit, Kazakh Invest organized a Kazakh-Finnish business reception, during which businessmen of the two countries had the opportunity to establish direct contacts and reach specific agreements. At the reception, 23 bilateral commercial and non-commercial documents were signed for a total amount of $545 million.

A framework agreement was concluded between the management of the Northern Investment Bank and the Government of Kazakhstan for financing projects in Kazakhstan based on the principle of public-private partnership, capital investment (investments, corporate and sovereign loans, bank guarantees) and the creation of conditions for technology transfer.

Saparbek Tuyakbayev, the Chairman of the Board of Kazakh Invest, signed a memorandum of understanding between Kazakh Invest and Koja Company on the implementation of a project for the production of engineering equipment. A memorandum of understanding and cooperation was also signed between Kazakh Invest and the Confederation of Finnish Industrialists, which includes a number of Finnish companies (Kone Corporation, Wartsila, Stora Enso, Kesko, Nokia Corporation). During the dialogue, the Confederation expressed interest in implementing projects in Kazakhstan.

As part of the implementation of the memorandum signed between the Ministry of Energy of Kazakhstan and the head of Wartsila company, the parties intend to consider the possibility of building a 50 MW combined-cycle power plant in the city of Turkestan, South Kazakhstan region. The projects implemented by the Finnish company in Kazakhstan include a power plant launched in 2015 for the Aktyubinsk rail and beam factory, as well as a power station for KazAzot plant in Mangystau oblast.

Sergey Kwan