According to primeminister.kz, Prime Minister of Kazakhstan Alikhan Smailov and Minister of Trade of South Korea Ahn Duk-geun discussed issues of realization of new joint investment projects.
Great prospects for further development of trade and economic cooperation between Kazakhstan and South Korea were emphasized by Prime Minister during the meeting. The dynamic growth of trade turnover supports this point of view: 2.3 times growth last year (more than $6.1 billion) and an increase by another 11% for 8 months of this year.
Alikhan Smailov said that, according to him, joint efforts are needed to expand the nomenclature of mutual trade. For example, the Kazakhstan-Korea Intergovernmental Commission in the sphere of trade-economic and scientific-technical cooperation is an important tool here.
Another fact noticed by him was South Korea’s consistent presence among the top 10 largest investors in the economy of Kazakhstan (about $9.2 billion of investments over the past 18 years). A new record volume of $1.5 billion was reached last year due to the gross inflow of direct investment from Korea (85% increase).
Prime Minister said that more than 700 Korean enterprises are currently operating in Kazakhstan, the largest of which are KIA, Hyundai, Samsung and LG.
They are working out 5 projects worth $1.5 billion and 25 more promising projects worth about $500 million today. The construction of a new large plant KIA with a total investment of $190 million and production capacity of 70 thousand cars per year in the city of Kostanay can be given as a striking example.
As Alikhan Smailov added, the Government of Kazakhstan will continue to create all necessary conditions for comfortable work of investors in the country.
According to Ahn Duk-geun, South Korea is ready in its turn for active technological cooperation with Kazakhstan in various sectors of the economy.
The South Korean Minister of Trade emphasized the importance of such projects as the KIA plant in Kazakhstan. Successfully implemented, they will make Kazakhstan’s automobile industry become an example and facilitate the construction of other similar plants and production facilities.