Astana, 12 September 2024 (TDI): The Sovico Group, a prominent Vietnamese investment conglomerate, has announced a major infrastructure development project in Kazakhstan.
Under a recently signed Memorandum of Cooperation in Astana, Sovico will modernize and expand the airports in Turkestan and Kyzylorda.
The agreement was formalized between Sovico Group Chairman Dr. Nguyen Thanh Hung and the Deputy Governors of Turkestan and Kyzylorda regions.
Dr. Nguyen revealed plans to boost flight frequencies between Vietnam and Kazakhstan and explore the development of Kazakhstan’s trade and logistics potential, especially at the Khorgos hub on the Kazakh-Chinese border.
This initiative follows discussions held with Kazakhstan President Kassym-Jomart Tokayev in May.
During those talks, Nguyen Thanh Hung expressed Sovico’s interest in acquiring and managing several airports and investing in logistics warehouses for goods produced in Vietnam and ASEAN countries.
Project’s Aim to Facilitate Trade
The aim is to facilitate trade in Kazakhstan, Central Asia, the EAEU, and Europe.
In addition to these developments, Sovico Group plans to acquire Qazaq Air for approximately $4.2 million by the end of September 2024.
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President Tokayev has described this move as a testament to Sovico’s commitment to enhancing civil aviation in Kazakhstan and the region.
With rail being the primary mode of transport in Kazakhstan, the development of regional airports and increased domestic flights is expected to significantly enhance both cargo and passenger movement.
