KazEnergoPower, Siemens sign agreement on localizing manufacturing of switchgears in Kazakhstan, investments to total $22 mln

ALMATY. June 21 (Interfax) - KazEnergoPower LLP and Siemens AG have signed an agreement on localizing the manufacturing of medium-voltage switchgears for Kazakhstan's energy industry, the Kazakh Invest state company, which oversees attracting foreign investment to Kazakhstan, said in a press release.

The document envisages creating a production base for Siemens equipment in Kazakhstan. The cost of the project is around $22 million.

The parties signed the agreement as part of the Kazakhstan-Germany business forum.

KazEnergoPower LLP is a Kazakh manufacturer of integrated switchgears, as well as integrated transformer substations for various industries and power supply systems.