Tokayev proposes doubling trade turnover between Kazakhstan and South Korea

At the beginning of the meeting, Kassym-Jomart Tokayev congratulated Han Seong-sook on her recent appointment as Prime Minister of Korea and wished her every success in this important position.

Today, Kazakh-Korean relations are steadily developing. Within the framework of our strategic partnership, numerous important initiatives are being implemented on a mutually beneficial basis. Your country is among Kazakhstan’s top ten trading and investment partners. More than a thousand joint ventures with Korean capital are currently operating in our country. However, we still have many important tasks ahead. Therefore, I am confident that by working as a one team, we will successfully carry out all our plans, the President said.

The Head of State emphasized that Kazakhstan has created a favorable business and investment climate.

Alongside large Korean corporations, favorable conditions have also been created for small and medium-sized enterprises. The Governments of Kazakhstan and Korea are taking the necessary steps in this regard. In particular, the Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation, as well as the Business Council, are operating effectively. In addition, the necessary legal framework has been established, said Kassym-Jomart Tokayev.

The President thanked Prime Minister Han Seong-sook for participating in the Kazakhstan and South Korea Business Roundtable. The Head of State expressed confidence that the agreements signed during the event would contribute to expanding the scope of bilateral relations.

The Head of State emphasized the particular significance of his upcoming talks with President Lee Jae Myung, which are expected to mark a new milestone in the history of Kazakh-Korean relations.

Kassym-Jomart Tokayev then outlined the priority areas for further cooperation between the two Governments.

The goal is to double bilateral trade. To achieve this, it is important not only to increase volumes, but also to qualitatively transform the structure of trade and expand the range of high-value-added goods. Therefore, I consider it highly relevant to develop a Comprehensive Program for Trade, Economic, and Investment Cooperation between Kazakhstan and Korea for 2027-2030. I also believe it is important to develop a separate Roadmap for Industrial Cooperation, incorporating the most promising projects for localizing production and exporting products to third-country markets, the President suggested.

In conclusion, the Head of State reaffirmed Kazakhstan’s commitment to comprehensively strengthening its partnership with the Republic of Korea.

Prime Minister Han Seong-sook noted that the Republic of Korea attaches great importance to further deepening bilateral relations.

It is a great honor for me to meet with you, Mr. President. As you noted, Kazakhstan is the Republic of Korea’s largest trade and investment partner in Central Asia. I expect that, the current summit will give further impetus to cooperation between our two countries, particularly in the economic sphere and in the area of energy supply chains. We also believe that Korea can be a very strong partner for Kazakhstan in implementing the Alatau City development project, said the Prime Minister of the Republic of Korea.

According to the Prime Minister, bilateral relations are receiving a special boost not only from economic initiatives, but also from rapidly expanding cultural and humanitarian ties, as well as the dynamic growth in mutual travel between the two countries.

During the meeting, the parties discussed plans to implement joint projects in transportation and logistics, critical materials, the automotive industry, digitalization and artificial intelligence development, as well as healthcare.

Earlier, Qazinform reported Kazakhstan’s President Kassym-Jomart Tokayev had been presented with joint investment projects between Kazakhstan and the Republic of Korea across various sectors of economy.