Kazakhstan, S. Korea to develop 2027-2030 Trade, Economic and Investment Cooperation Program
Kazakhstan accounts for around 60 percent of Central Asia’s combined GDP and approximately 70 percent of foreign direct investment inflows into the region. This is what President Kassym-Jomart Tokayev said while addressing the First Korea-Central Asia Business Summit in Seoul, Qazinform News Agency learned from the Akorda press service.
“These figures reflect our country’s significant contribution to the economic development and overall prosperity of Central Asia. During my visit, around 80 commercial agreements worth approximately $19 billion were signed between Kazakhstan and Korea. These are not merely declarations of intent or, as is often said today, empty pieces of paper, but concrete plans. In any case, the Government of Kazakhstan will closely monitor the timely implementation of the relevant business projects. The Government of Kazakhstan will provide comprehensive support to Korean businesses to ensure the effective implementation of joint projects. To this end, a Comprehensive Program for Trade, Economic and Investment Cooperation between Kazakhstan and Korea for 2027-2030 will be developed. I would also like to emphasize that we are consistently improving the investment climate and creating the most favorable conditions for foreign investors. One important step in this direction was the introduction of the Altyn Visa programme, which provides benefits to investors implementing projects in our country. I believe that Korean entrepreneurs and Korean businesses as a whole will make active use of the incentives provided,” the Head of State said.
In his speech, the President outlined key areas with significant potential for joint projects.
He identified deepening industrial cooperation as a top priority.
“Kazakhstan and Korea are currently implementing 51 industrial projects worth more than 4 billion. Last year, more than 170 thousand vehicles were produced in our country, representing growth of nearly 18 percent. The Hyundai and Kia plants made a significant contribution to this achievement. This provides a solid foundation for our further efforts aimed at increasing localization and producing high-tech goods with high added value. As for the localization process, I am closely monitoring it. Of course, this is not a matter that can be resolved overnight, but we need to continue moving forward consistently in this direction,” Kassym-Jomart Tokayev said.
Earlier, Kassym-Jomart Tokayev said that Kazakhstan is ready to expand cooperation with South Korea.