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Astana, Kazakhstan • 01 February, 2023 | 14:29

Hungarian Businesses Plan to Develop Renewable Energy Projects in Kazakhstan

Kazakh Invest representatives outlined the preferences provided by the government

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Budapest, Hungary – The issues of trade, economic and investment relations development were discussed at the 8th meeting of the Kazakhstan-Hungarian intergovernmental commission on economic cooperation, QazMonitor reports.

Altynay Mukanova, head of cooperation with Europe for the national agency Kazakh Invest, outlined for the partners the business preferences provided by the government in Kazakhstan. In turn, representatives of Hungarian business circles spoke about the implementation of current and potential projects in various parts of the country.

In the next two years, the Hungarian company Globália Kft. and Kazakhstan's ANM Group plan to build solar power plants with a capacity of 20-50 MW in Shymkent and 200 MW in Turkistan.

Another renewable energy project is being planned by Electron Holding Zrt. They are looking into building several solar and wind power plants all across the country. The total investment pool is $430 million. Currently, the company has set a goal of building several 700 MW facilities.

The business discussions have also touched on the partnership with Hungary's most modern metal processing plants, the MVM holding. Both sides reached an agreement on the company's visit to Kazakhstan and strategic cooperation with the country's association of machinery industry.

The manufacturer of medical devices Rex-San confirmed its interest in establishing in Kazakhstan the production of medical devices, including prosthetics, corsets and orthoses.

In addition, the management of Infoware Zrt., the electrical equipment manufacturer, has expressed an interest in participating in Kazakhstan’s energy projects.

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