Chinese corporation Guoyou Materials Group will invest $1 billion in the construction of a multifunctional terminal at the Kuryk port on the Kazakh coast of the Caspian Sea, reports the website infohub.kz.
At a meeting between President of Kazakhstan Kassym-Jomart Tokayev and representatives of Chinese businesses, an investment agreement was signed for the construction of the first phase of the multifunctional terminal at Kuryk port by the Ministry of Transport, the akimat of Mangystau Region, and Guoyou Materials Industry Group.
During the meeting with the head of Guoyou, Tokayev noted that the new port will enable the development of integrated maritime and railway logistics, increase the throughput capacity of the region's transport infrastructure, and expand Kazakhstan's export and transit opportunities.
The corporation plans to increase the port's throughput capacity to 15 million tons. Investments in the terminal construction are expected to total $1 billion.
“Kazakhstan is an important transit corridor for China to Europe. The Caspian Sea ports are also a new route and a new growth point on the way to Europe. President Tokayev has repeatedly emphasized the strategic importance of the Caspian route, elevating this issue to the state level in Kazakhstan,” noted Yu Boyang, chairman of the board of directors of Guoyou Materials Group.
A company representative noted that the project will create 800 jobs.
Earlier, President Kassym-Jomart Tokayev of Kazakhstan held talks with Chinese President Xi Jinping in Shanghai.