Safi Holding, a prominent Turkish conglomerate with operations across multiple sectors, is considering investing up to $200 million to build a sugar refinery in Kazakhstan.
The proposal was discussed during a meeting between Kazakhstan’s Minister of Agriculture, Aidarbek Saparov, and Safi Holding CEO Atakan Safi. The company aims to establish a modern facility capable of producing 140,000 tonnes of sugar annually, according to the local media report.
Key considerations for the plant’s location include access to ample farmland and existing infrastructure. The Ministry of Agriculture assured full support within the boundaries of current legislation.
Atakan Safi highlighted Kazakhstan’s strong agricultural potential and favorable conditions for launching a sugar production enterprise.
This initiative follows an earlier announcement by Kazakh Prime Minister Olzhas Bektenov, who had stated that Al Khaleej Sugar, a leading UAE-based company in the global sugar market, was evaluating the construction of a $493 million sugar plant near Qonaev in the Almaty region.
In the summer of 2022, after Russia imposed a ban on sugar exports to Kazakhstan, the country faced supply shortages, leading to sugar prices doubling and widespread panic buying. Analysts and officials pointed out that Kazakhstan lacked adequate sugar beet processing capacity and that local farmers were reluctant to grow the crop.
Safi Holding ranks among Turkey’s largest diversified groups, with investments spanning mining, shipping, port operations, and sugar refining.
