Brazilian Engineering Giant WEG intends to invest in Kazakhstan
Prospects of investment projects, as well as the introduction of digital solutions to the electrical engineering industry of Kazakhstan were discussed during the meeting of the CEO of NC KAZAKH INVEST JSC Meirzhan Yusupov with the leadership of the Brazilian Multinational Company WEG.
During the meeting, Meirzhan Yusupov presented the system of state support for foreign investors, that includes various industry benefits and preferences. Additionally, he stressed the high potential for strengthening investment cooperation with the Brazilian side.
The Director General of WEG in Central Asia Sergey Muschenko thanked KAZAKH INVEST for the support and noted that in Kazakhstan the company intends to become one of the major investors from Brazil in the engineering industry. At the first stage, it is planned to create a service hub (maintenance, training, technology transfer). Furthermore, as part of the second stage, the investors will consider the possibility of localizing an electrical equipment plant in Kazakhstan.
As the investor noted, the implementation of this project contributes to providing the Kazakhstan’s industry with access to advanced quality control technologies, increasing production efficiency and safety (including predictive monitoring).
In turn, the Deputy CEO of KAZAKH INVEST Zhandos Temirgali stressed that KAZAKH INVEST is ready to provide further support of the project, as well as to assist in finding a local partner, obtaining appropriate government support measures and holding negotiations with the interested state agencies.
It should be noted that Brazil is the largest economic partner of Kazakhstan in South America. The Kazakhstan-Brazil Chamber for Commerce and Industry was opened in November 2016.
For reference: WEG, headquartered in Brazil, is one of the world leaders in the electrical equipment production. The company's products are presented on 5 continents in 135 countries. WEG produces about 120,000 electric motors per day. The company has more than 40 production sites in 14 countries and commercial subsidiaries in 36 countries. The activity of WEG is focused on 5 production areas: electric motors and gearboxes; automation technologies; equipment for energy transmission and distribution; energy generation equipment; industrial liquids and powders for painting.
In November 2019, with the support of KAZAKH INVEST and the Embassy of the Republic of Kazakhstan in Brazil, a regional branch of WEG in Central Asia was opened in Almaty city.