Kazakhstan and Korea strengthen investment cooperation in the agribusiness, renewable energy and IT
Priority sectors of investment cooperation in such areas as agriculture, renewable energy and IT were discussed during an online webinar organized by “NC “KAZAKH INVEST” JSC in partnership with the Korean Trade and Investment Agency (KOTRA). The online webinar was attended by the Head of the KAZAKH INVEST national company Meirzhan Yussupov, the Ambassador of the Republic of Kazakhstan to Korea Bakyt Dyussenbayev, the Director of electronic industry development department of ICRIAP Zhanibek Mukhamedzhanov, as well as representatives of the business community and KOTRA.
Meirzhan Yussupov told the Korean business community in detail about the state of the investment climate in Kazakhstan and the prospects of Kazakh-Korean economic cooperation in his speech. Special attention was placed on the attractiveness of Kazakhstan as a place of doing business and localization of production in the country.
“Since 1996, South Korean business has invested about $7 billion in the economy of Kazakhstan. In 2020, the inflow of FDI from South Korea to Kazakhstan amounted to approximately US $465 million. Currently, 20 investment projects with a total value of $ 2.5 billion are being implemented with South Korean companies. Six investment projects with the participation of Korean companies totaling 1.7 billion are at various stages of development, and 24 projects with a total value of approximately one billion are under study. Therefore, we are always happy to welcome all potential Korean investors in Kazakhstan and are ready to provide all the necessary support”, - said Meirzhan Yussupov.
At the same time, during the webinar, the project manager of «NC «KAZAKH INVEST» JSC Madi Kanafin made a report on business opportunities in the agricultural sector and food production, key factors of investment attractiveness of this sector. He also introduced the participants to the measures taken by the Government of the Republic of Kazakhstan to improve the business climate and create favorable conditions for foreign investors, including various industry benefits and preferences, such as exemption from land, corporate income tax and property tax during the first decade of the project.
Following the meeting, the parties agreed on the need to further strengthen cooperation, deepen mutually beneficial trade, economic and investment cooperation.
