Kazakh Deputy PM Bozumbayev presents Alatau City project at roadshow in S. Korea
During the Alatau Rise with Kazakhstan Forum, Deputy Prime Minister of Kazakhstan Kanat Bozumbayev presented the new city project of Alatau to potential investors and partners in Seoul, South Korea, Kazinform News Agency cites the press service of the Kazakh Government.
Kazakhstan’s delegation included members of the Alatau City Development Council - Yuri Tskhai, Chairman of Caspian Group, and Vyacheslav Kim, the sole shareholder of the project’s investment partner - Alatau City Bank.
Alatay City is strategically located at the intersection of major transportation routes and covers a total area of 88,000 hectares. The entire territory is designated as a special economic zone, offering a range of incentives such as exemptions from corporate income tax, land and property taxes, and a zero VAT rate on goods sold within Alatau City.
In September, a separate presidential decree granted Alatau the special status of a city of accelerated development. The Alatau City Development Council, chaired by the Prime Minister, was established as the main body responsible for making strategic decisions. As a result, the city will be directly subordinated to the Government.
Alatau City is already being considered as a future hub for technology companies and export-oriented industries. The city is ready to offer special incentive programs for target sectors such as urban air mobility and the hydrogen economy, areas in which Kazakhstan and South Korea can engage in close cooperation.
Speaking at the forum, Bozumbayev highlighted the significant potential for partnership with Korean companies in the fields of electronics, renewable energy, medicine, education, and digitalization of urban services.
Today, more than 800 Korean companies are successfully operating across Kazakhstan in the fields of energy, construction, finance, healthcare, automotive manufacturing, and high technology. We are interested in further expanding joint projects and attracting Korean industrial and energy companies. We are open to mutually beneficial cooperation and invite you to take part in the national project Alatay City, noted Bozumbayev.
As part of the roadshow, an official memorandum of understanding signing ceremony was held between government and business representatives of Kazakhstan and the Republic of Korea. Memorandums were signed between: the Kazakh Energy Ministry and the Global Green Growth Institute (GGGI); the Kazakh Transport Ministry, Korea Airports Corporation (KAC), and AAAG; Almaty region’s authority and RETD.
Additionally, a memorandum was signed between the Kazakh Ministry of Science and Higher Education, the Korea Advanced Institute of Science and Technology (KAIST), and Alatau City Bank on cooperation in the creation and development of a new university in Kazakhstan.
During his working visit, Kanat Bozumbayev also held meetings with National Assembly member Park Hong-geun, Assembly member Maeng Seong-gyu, Minister of Trade, Industry and Energy Kim Jung-kwan, Chairman of the Korea International Trade Association (KITA) Yoon Jin-sik, and the leadership of the Young Business Leaders Network.
Both sides noted that trade and economic relations between the two countries continue to develop steadily. In 2024, the Republic of Korea ranked 10th among Kazakhstan’s trading partners and 3rd in terms of investment volume in the country. The parties reaffirmed their commitment to deepening cooperation and implementing new joint initiatives that serve the interests of both nations.
Earlier, it was reported Executive Director of the Korea–Central Asia Cooperation Forum Secretariat (Korea Foundation) Jong Kook Rhee highlighted the C5+K platform as a practical example of successful multilateral cooperation in Eurasia.
