Kazakhstan to create national car brand in partnership with Malaysia's Proton

ASTANA. Nov 13 (Interfax) - Kazakhstan's National Management Holding Baiterek has signed a memorandum of cooperation with Malaysian car manufacturer Perusahaan Otomobil Nasional Sdn. Bhd. (Proton), the holding's press service said.

"The document is aimed at developing the automotive industry and creating a national automobile manufacturer in Kazakhstan," it said.

The memorandum was signed following talks on launching a joint initiative to establish an automotive program in Kazakhstan, leveraging Proton's international experience and technologies. The partnership envisages potential production localization, technology transfer, and development of the industry's export potential.

The memorandum also provides for feasibility studies, identification of local partners, and the elaboration of financing mechanisms, the press service said.

The Kazakh government's press service said in June that Proton Holdings was discussing the launch of an electric vehicle production facility in Kazakhstan.

Baiterek, organized in May 2013, is a development institute that supports entrepreneurial activities and development of the agricultural complex and carries out housing programs in the republic. The ultimate beneficiary of Baiterek is the government of Kazakhstan.