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    Technology

    China boosts Central Asian investments for export and EV market dominance

    China boosts Central Asian investments for export and EV market dominance

    China is actively advancing multiple investment and infrastructure initiatives in Central Asia to enhance its exports to the region and beyond, Erasianet reported.

    Photo: A Chinese-made electric vehicle parked in Tashkent
    Source: Erasianet

    In Uzbekistan, Henan Suda, a Chinese company, has entered into an agreement with Uzbekistan’s Energy Ministry to construct over 50,000 electric vehicle charging stations by 2033, with 2,500 stations expected to be operational by 2024. This move aims to solidify China's presence in Uzbekistan's electric vehicle market, where over 20,000 Chinese electric vehicles were exported in the first 10 months of 2023.

    Kyrgyzstan has approved a $700 mn project for a trade hub in the Chui region, managed by Kyrgyz-Chinese Investment Holding Co. The comprehensive project includes a trade complex, exhibition center, warehouses, bonded trade zones, housing, and hotels. Additionally, plans include the construction of a new border checkpoint, Bedel, along the Chinese frontier in 2024 and a four-lane bridge at the existing Irkeshtam border checkpoint.

    In Kazakhstan, Gezhouba Group Cement Co., a Chinese company, has signed a $220 mn agreement to build a cement plant in the Almaty region. Furthermore, China is contemplating a €110 mn investment in a major hospital project in Kokshetau, northern Kazakhstan. The European Bank for Reconstruction and Development is also considering a similar investment in the 630-bed hospital project, which has an estimated construction cost of €467 mn.

    China has allocated $30 mn to support the production of electric vehicles in Uzbekistan, a move anticipated to generate over 700 jobs and stimulate the local economy. The undertaking will be situated in a free economic zone within the Khorezm region, spearheaded by the Chinese Silk Road Company. Foreign investment will contribute $24 mn to the total project cost.

    The primary markets for the electric vehicles produced are anticipated to be the domestic market and Central Asian countries. With Uzbekistan importing 268 electric vehicles, mainly from China, during the first half of 2021, this initiative is poised to significantly enhance the availability of electric vehicles in the region.

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    30.12.2023, 11:05   Comments (0)   2362
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