Issues of Investment Cooperation Discussed with the Ambassador of South Korea to Kazakhstan
Gabidulla Ospankulov, Chairman of the Investment Committee of the Ministry of Foreign Affairs of the Republic of Kazakhstan, and Yerzhan Yelekeyev, Chairman of the Management Board of JSC "NC "KAZAKH INVEST," met with Joe Tae-Ik, the new Ambassador Extraordinaire Plenipotentiary of the Republic of Korea to the Republic of Kazakhstan. During the meeting, the sides discussed increasing trade, economic, and investment cooperation between the two countries.
"Developing economic and investment relations with South Korea is one of our priorities. A large number of Korean companies are already operating in Kazakhstan. We are ready to provide comprehensive support to Korean companies in implementing projects in the country," Gabidulla Ospankulov said.
Thus, Kazakh representatives told the Ambassador about the investment climate of the Republic of Kazakhstan, government support measures, and opportunities in priority sectors of the economy, noting the significant growth of investment projects between Kazakhstan and South Korea in recent years.
For the past ten years, South Korea's investments in Kazakhstan's economy have amounted to over $6.8 billion. Several joint Kazakh-Korean projects with investments of about $1 billion are currently under implementation. At the same time, the existing potential of trade relations demonstrates the prospects for further diversification of trade turnover and expansion of investment cooperation.
"We see significant results in the development of the automotive industry, including thanks to Korean car brands that localize production in Kazakhstan. Nevertheless, we see a growing potential for strengthening partnerships in tourism, energy, and petrochemistry. South Korean entrepreneurs work in an export-oriented economy while creating competitive, innovative products. We want to adopt this expertise and technology in developing priority sectors in Kazakhstan. In this regard, we are ready to provide a full range of support services, including an existing package of preferences," Yerzhan Yelekeyev said.
In turn, Joe Tae-Ik also expressed his desire to develop bilateral relations by implementing new joint investment projects. He informed the Kazakh representatives about the work of the Korean investment promotion agency KOTRA and invited KAZAKH INVEST to strengthen its work on promoting investment potential and establishing partnerships between the two agencies.
