The implementation of new joint investment projects was discussed by the Prime Minister of Kazakhstan Alikhan Smailov and the Minister of Trade of South Korea Ahn Deok-geun, El.kz cites primeminister.kz.
During the meeting, the Prime Minister stressed that the Government of the Republic of Kazakhstan sees great prospects for the further development of trade and economic cooperation with South Korea. This, in particular, is supported by the dynamic growth of trade: last year it grew 2.3 times and exceeded $6.1 billion, and for 8 months of this year it increased by another 11%.
"I believe that we need to make joint efforts to expand the range of mutual trade. An important tool here is the Kazakh-Korean Intergovernmental Commission in the field of trade, economic, scientific and technical cooperation. I consider it expedient to intensify its activities and hold the next meeting in the near future," Alikhan Smailov said.
He also noted that South Korea is consistently among the top 10 largest investors in the economy of the Republic of Kazakhstan. Thus, over the past 18 years, about $9.2 billion has been invested in Kazakhstan, while last year the gross inflow of direct investment from Korea increased by 85% and reached a new record volume of $1.5 billion.
According to the Prime Minister, more than 700 Korean enterprises are currently operating in South Korea, the largest of which are KIA, Hyundai, Samsung and LG.
"Today, 5 projects worth $1.5 billion are under implementation and another 25 promising projects worth about $500 million are being worked out.
He added that the Government of Kazakhstan will continue to create all the necessary conditions for the comfortable work of investors in the country.
In turn, Ahn Deok-geun stressed that South Korea is ready for active technological cooperation with Kazakhstan in various sectors of the economy.
"Projects such as the KIA plant in Kazakhstan are very important. If it is successfully implemented, the automotive industry of Kazakhstan will become an example. This will contribute to the construction of other similar factories and industries," the South Korean trade minister said.