German Company to Invest €100 Million in Plastic Production in Kazakhstan

Photo: KAZAKH INVEST

On January 12th in Berlin, a meeting took place between the Ambassador of Kazakhstan to Germany, Nurlan Onzhanov, the Official Representative of the National Company KAZAKH INVEST, Saken Olzhabayev, and the owner of WIS Kunststoffe GmbH, Sigmar Roemhild. Therein, the Kazakh and German sides discussed plans for the construction of a plastic production plant in Kazakhstan’s Atyrau region, KAZAKH INVEST has reported.

Sigmar Roemhild stated that his company is at the stage of completing the pre-investment process of analyzing the market in Kazakhstan and initially plans to invest about €100 million in the design and construction of the plant. According to Roemhild, there is great potential for production in the country due to its strategic location, favorable investment climate, and availability of raw materials.

WIS Kunststoffe GmbH specializes in the production of plastic and polymer raw materials and compounds, polyolefin, styropolymers, technical and structural plastics, granules and powders.

Ambassador Onzhanov said that Kazakhstan is Germany’s leading trade and economic partner in the region, accounting for over 80% of German trade with Central Asia. The Government of Kazakhstan actively cooperates with large German companies to develop industry with advanced technologies and German experience.

Following the meeting, Roemhild and Olzhabayev signed a memorandum of cooperation. According to the National Bank of Kazakhstan, the volume of FDI from Germany to Kazakhstan for thee first three-quarters of 2023 amounted to $623 million, more than twice the figure for the same period in 2022 ($308.6 million).