The President of Kazakhstan spoke at the Kazakh-Korean business forum

The President of Kazakhstan spoke at the Kazakh-Korean business forum
June 12, 2024

Kassym-Jomart Tokayev and Yun Sok Yeol took part in the Kazakh-Korean business forum.

Having greeted the participants of the event, the Head of State presented in his speech the most promising areas of trade and economic cooperation between the two countries.

– The Republic of Korea is one of the five largest investment and trade partners of Kazakhstan. The influx of direct investment from Korea into the economy of our country has reached almost ten billion dollars, and mutual trade turnover has reached six billion dollars. Today, there are over 700 South Korean companies represented on our market, including such global corporations as Hyundai, KIA, Samsung, LG, Doosan and many others. Kazakhstan intends to strengthen its position as the main trade and economic partner of the Republic of Korea in the Central Asian region. This was discussed during the negotiations today. Specific plans have been developed and agreements have been signed, which will certainly give additional impetus to the development of multifaceted cooperation between our countries. This is especially relevant now – in an era of radical restructuring of the world economy, when the Asian continent is becoming a leader in sustainable development and scientific and technological progress. According to experts, this year Asia will provide 60% of the growth of global gross domestic product. At the same time, South Korea undoubtedly plays the most important role in the “Asian Renaissance,” said Kassym-Jomart Tokayev.

The leader of Kazakhstan emphasized that our country is consistently implementing a new economic course, with special attention being paid to ensuring favorable conditions for investment. Important areas of cooperation between the economies of Kazakhstan and Korea, according to the President, are strategically significant areas of the economy – subsoil use and industry.

– In the oil and gas industry, it is important for us to fully transfer South Korean technologies, as well as establish the production of modern equipment and spare parts. This is especially relevant given the expansion of our largest oil and gas fields, such as Tengiz, Kashagan and Karachaganak,” noted the Head of State.

Kassym-Jomart Tokayev drew attention to the great potential of Kazakhstan in the extraction and processing of critical raw materials. He confirmed our country’s readiness to continue cooperation with South Korean partners (KIGAM, SK Ecoplant) who are interested in the development of lithium deposits and the production of high-value products.

According to the President, a good foundation for mutually beneficial industrial cooperation has been created in the automotive industry.

– Hyundai cars are already being successfully assembled in Kazakhstan. Next year we expect to launch a full-cycle KIA plant with an investment of $200 million. It is worth noting that for the first time in its history, the company invested in the construction of a plant outside of South Korea, choosing our country for this. It is gratifying that many South Korean companies are planning to begin the next stage in the development of the automotive industry – the creation of a cluster for the production of automotive components in Kazakhstan,” said Kassym-Jomart Tokayev.

Further, the speech noted the relevance of expanding cooperation in the field of green energy in the context of the global energy transition.

– We hope for a systematic expansion of interaction with South Korean companies in this direction: from the exchange of experience to the implementation of specific projects and technology transfer. We are also interested in the development of traditional energy sources. Therefore, we welcome the plans of Doosan Enerbility to build gas power plants in the Turkestan and Atyrau regions,” said the President of Kazakhstan.

The head of state said that our country intends to transform the agro-industrial complex into a high-tech industry.

– Today, during negotiations, the President of the Republic of Korea made a proposal to provide Kazakhstan with technologies based on the “smart agricultural farms” principle. I think this is a very good proposal, we will work on the implementation of this project. We are very interested in introducing South Korean innovative agricultural technologies based on artificial intelligence, robotics and biotechnology. Our farmers are especially in demand for experience in the construction of highly efficient “smart” greenhouses,” noted Kassym-Jomart Tokayev.

The President invited South Korean investors and development companies to actively participate in the Alatau City project, implemented jointly with the Singaporean side.

According to the leader of Kazakhstan, opportunities for increasing cooperation are opening up in the fields of medicine, pharmaceuticals and biotechnology.

– Global players such as Pfizer, Roche, GE Healthcare and Philips are localizing the production of medicines and medical equipment in our country. We expect that the South Korean company GL Rapha will soon begin construction of a biopharmaceutical plant in Almaty, which can set high standards in our market. We see great prospects in the opening of South Korean diagnostic centers and multidisciplinary laboratories in our country,” the Head of our state emphasized. Further, Kassym-Jomart Tokayev noted that Kazakhstan is ready to offer South Korean partners cooperation in the development of artificial intelligence technology, the construction of modern data centers and cyber security. – The Astana International Financial Center serves as a solid foundation for our competitive investment environment. This is a unique platform for our region, embodying all the advantages of the world’s leading financial centers. Today, more than two thousand companies from dozens of countries around the world successfully operate in the AIFC, about twenty of them represent South Korea. We are interested in their number increasing significantly, mainly in areas such as fintech, IT, asset management and leasing. “We support the transformation of the South Korean microfinance organization BNK Finance Kazakhstan into a full-fledged second-tier bank,” the President said. Concluding his speech, the Head of State expressed confidence that the forum will give new impetus to the synergy of efforts and fruitful cooperation between the two states. – Today, I expressed full support for the K-Silk Road concept. This is really a very interesting concept. Kazakhstan will do everything possible to assist in the implementation of this program. Next year, as Mr. President informed me, a summit within the framework of this concept is planned in Korea. I think that our country will take part in the summit at the highest level. The government of Kazakhstan will provide all necessary support to South Korean companies and investors interested in working in our country,” concluded Kassym-Jomart Tokayev. The forum was also attended by the President of the Republic of Korea Yoon Seok Yeol, Chairman of the Korean International Trade Association (co-chairman of the Business Council) Jin Sik Yun, Chairman of the Board of Samruk-Kazyna JSC Nurlan Zhakupov, Deputy Head of the regional headquarters of Hyundai Motor Russia & CIS Im Jae Woo , General Director of Astana Motors Beknur Nesipbaev, Vice President of Doosan Enerbility Young Yun Ho, Deputy Chairman of the Board for Strategy and Digitalization of NC Kazakhstan Temir Zholy JSC Anuar Akhmetzhanov, Director of the SK Ecoplant branch in Almaty Lee Jun Hyuk, Deputy Akim of the Kyzylorda region Ardak Zebeshev and others.