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Saturday, October 19th, 2019

THE ISSUES OF STRENGTHENING KAZAKH-KOREAN COOPERATION WERE DISCUSSED

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First Vice Minister of Industry and Infrastructure Kairbek Uskenbayev and Vice-Minister of Trade, Industry and Energy of South Korea Kim Yong-ra, the intergovernmental commission and the visit of President Mun Zheng Ini to Kazakhstan and implementation of the Samal Wind Economic Cooperation Program took part in the first meeting of the working group on the implementation of the agreements reached within the framework of the Strategy,

Opening the meeting with the Korean delegation, Timur Tokhtabayev reminded that Kazakhstan will become the largest trade partner of Korea in Central Asia. For example, in January-July 2019 the trade turnover between the countries amounted to $ 3.5 billion, including exports – $ 1.7 billion and import – $ 1.8 billion. There are more than 500 enterprises with Korean capital operating in Kazakhstan.

“Today Kazakhstan is ready to supply more than 40 types of goods to the South Korean market in such sectors as metallurgy, chemical industry, food industry, petrochemicals, and we are ready to establish a working group to increase trade turnover to find new ways to strengthen mutually beneficial cooperation,” Vice Minister.

It should be noted that Korea is one of the largest investors in Kazakhstan in the field of investments. Over the past 13 years, direct investment inflow from Korea to Kazakhstan totaled $ 5.5 billion. And USD $ 2.2 million from Kazakhstan to the Korean economy.

“Currently, there are 41 Kazakh-South Korean investment projects between our countries for a total amount of $ 4.6 billion and I would like to point out the construction of the Big Almaty Ring Road with the participation of the Korean-Turkish consortium, which is of strategic importance for Kazakhstan “T. said. Toktabayev.

Also during the meeting of the working group, the Vice Minister of Industry and Infrastructure Development of the Republic of Kazakhstan will consider the possibility of co-financing of certain projects in the territory of Central Asia, including the international financial center “Astana”, intensification of use of the operating Kazakhstan terminal at the port of Lianyungang in the Pacific coast of China, Enlargement of cooperation within the framework of the state program of infrastructure development “Nurly Zhol”, active transcontinental operation of “Western Europe – Western China” suggested to be used.

Implementation of these tasks will allow to bring bilateral cooperation to a new level and will create favorable conditions for business in the near future.

Source: Kazakhtan 2050

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