Kazakhstan establishes partnership with Italian manufacturing companies

flags-kz-it-a68

ASTANA (TCA) — Kazakhstan’s sovereign wealth fund Samruk-Kazyna JSC and KazAgro national management holding and Italy’s CDP Equity S.p.A. signed a Preliminary Agreement of Cooperation during the 9th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Astana on September 6.

CDP Equity (previously Fondo Strategico Italiano) is a holding company with share capital of $3.5 billion, aiming to boost the Italian economy by investing equity capital in companies of major national interest. CDP Equity’s majority shareholder is Cassa depositi e prestiti S.p.A. (CDP Group), which is controlled by the Italian Ministry of Economy and Finance.

The Agreement establishes cooperation between portfolio companies of Samruk-Kazyna and KazAgro and leading Italian companies for creating new production facilities in manufacturing and agricultural industries in Kazakhstan, Samruk-Kazyna said. CDP Group owns shares of large Italian companies across various industries, including manufacturing and agricultural fields. Under the first stage of the agreement, the Italian and Kazakh companies will look at the possibility of localizing new productions using Italian technologies.

“The document signed today is another step towards expanding our partnerships with the sovereign wealth funds of other countries. Our work with CDP Equity and the subsequent implementation of investment projects will have a multiplier effect on the economy of Kazakhstan and will facilitate the transfer of technology and create new job opportunities in the country,” said Umirzak Shukeyev, CEO of Samruk-Kazyna JSC.

On the Italian side, the Memorandum was signed by Guido Rivolta, CEO of CDP Equity S.p.A., who noted: “This is the beginning of an important collaboration that will boost growth and prosperity of both economies. This Preliminary Agreement of Cooperation highlights a long-term partnership with the purpose to increase development of our respective portfolio companies.”

Sergey Kwan

TCA