Kazakh state-owned investment and development company Baiterek Holding and Malaysian automotive company PROTON have signed a memorandum of cooperation to develop the automotive industry in Kazakhstan and establish a national carmaker.
Data on the brand name and the timeline for its establishment has not yet been disclosed.
The document was signed by the holding’s Chair Rustam Karagoyshin and PROTON Vice President for Corporate Strategy Ainol Azmil Abu Bakar.
«Cooperation with PROTON opens new opportunities for the development of Kazakhstan’s automotive industry. The experience and technologies of our partners will form the basis for creating a modern production platform and developing a national automotive brand that will contribute to the industrialization and economic growth of the country,» Karagoyshin emphasized.
Abu Bakar highlighted that the memorandum became an important step in the company’s expansion in Kazakhstan.
«We are pleased to be part of Kazakhstan’s strategic initiative. Our expertise and technological solutions will contribute to the development of local production and strengthening cooperation between the two countries,» he said.
The memorandum envisions the parties conducting feasibility studies, identifying domestic partners and developing financing mechanisms for the project.
Perusahaan Otomobil Nasional Sdn. Bhd. (PROTON) is a Malaysian carmaker founded in 1983. Its first car, the Proton Saga, was manufactured under a Mitsubishi license. Since 2017, 49.9% of the company’s shares have been held by China’s Geely.
