Hungarian investors intend to introduce smart lighting in Kazakhstan cities
The 7th conference of the Kazakhstan-Hungarian Intergovernmental Commission on Economic Cooperation met to receive updates on the issues of implementing a number of investment projects. The Kazakhstan delegation was chaired by the Minister of National Economy of the Republic of Kazakhstan Ruslan Dalenov, the Hungary delegation was chaired by the Vice Prime Minister - the Minister of Finance of Hungary Mihai Varga.
The wide-ranging agenda of the conference included the entire spectrum of bilateral cooperation. As part of the dialogue, the parties discussed the current state, prospects for the development of Kazakhstan-Hungarian economic cooperation and measures taken to revive the economic growth of the two countries, as well as exchanged views on the possibilities of expanding investment cooperation.
Alongside with that, as part of the event, they discussed the issue of implementing a number of joint investment projects. So, the company TUNGSRAM GROUP, specializing in the development and implementation of lighting systems in various sectors, at the initial stage intends to build an assembly shop for the production of LED street lighting in Kazakhstan.
“Later, we plan to create a production hub to modernize the national network of smart street lighting, which will serve as the basis for the implementation of a 5G repeater system. At the same time, TUNGSRAM GROUP plans to achieve at least 50% of local content. The implementation of this project will significantly reduce energy consumption by introducing modern and sustainable solutions in the field of public lighting that support the concept of a “smart city”. Thanks to this, Kazakhstan will be the first among the CIS countries to make a leap in this sector,” said Altynai Mukanova, a project manager of NC KAZAKH INVEST JSC.
Additionally, the company intends to implement an agro-technological project in Kazakhstan to introduce a turnkey greenhouse lighting system, which can make a significant contribution to the country's food security.
Furthermore, with the assistance of NC KAZAKH INVEST JSC, at the conference, the National Association of Resorts of the Republic of Kazakhstan and the Hungarian REX-SAN Medical Equipment Manufacturer and Repair Center signed a memorandum of cooperation in the field of healthcare. Following the event, Kazakhstan and Hungary agreed on further efforts to ensure unhindered mutual trade and exchange information on ongoing and promising projects with the participation of entrepreneurs of the two countries. It should be noted that despite the negative trends in the world trade, the trade turnover between Kazakhstan and Hungary continues to show positive dynamics. For 9 months of 2020, the volume of trade increased by 12% compared to the same period and amounted to $85 million. 29 Hungarian enterprises successfully operate in Kazakhstan, as well as 37 joint Kazakhstan-Hungarian enterprises in agriculture, trade, construction and mining.