German railway companies to invest in Kazakhstan

09:44, April 07, 2011      

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German railway companies were considering investing in a number of projects in Kazakhstan, Kaznex Invest, the National Agency for Export and Investment, said Wednesday.

A Kaznex Invest statement said the investment "may exceed 200 million euro (286 million U.S. dollars)."

During a recent visit to Kazakhstan, representatives from 28 German companies met with members of the government and the national railway company Temir Zholy (KTZ), and examined several railway industry manufacturing plants.

Potential projects include the manufacture of contact temperature sensors and the modernization of railway infrastructure, as well as a joint venture for the production of wheels and assembly of wheelsets for KTZ needs, the agency said.

Kaznex Invest, dedicated to promoting non-resource exports and aiding foreign investors, has been working to attract German investment since last year. Successful partnerships could substantially reduce Kazakhstan's dependence on railway-related imports, the statement said.

KTZ buys 2,800 items of railway-related products yearly -- 80 percent of them imported, the agency said.

Source: Xinhua
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