Trade between Kazakhstan and South Korea Exceeded US$2 Billion in 2018

Trade between Kazakhstan and South Korea Exceeded US$2 Billion in 2018

The trade value between Kazakhstan and South Korea has exceeded US$2 billion last year and the countries are set to increase the value this year by cooperating in various sectors.

According to experts, the two countries have vast potential to boost cooperation in the different fields, including information and communication technologies, healthcare and agriculture.

Korea Institute for International Economic Policy president, Jae-Young Lee said South Korea is also offering a partnership to Kazakhstan in the digital transformation and renewable energy sectors.

“We also propose to implement the Smart Village project in Kazakhstan in order to introduce advanced innovations, which will help develop the agriculture sector effectively,” he said.

Meanwhile, Director of Kazakhstan’s Center for Macro-Economic Research Sara Alpysbayeva said that Kazakhstan is interested to adopt South Korea’s successful macro-economic experience.

“South Korea does not possess vast natural resources, but nonetheless it is one of the leading countries in the global economy. In the last two years, the export of Kazakhstan’s oil to South Korea has significantly increased.”

“South Korea invested more than US$5 billion in Kazakhstan. I think that it is a good amount for a country located that far from Kazakhstan,” she said.

Currently, Kazakhstan is adopting South Korea’s experience in the management of e-Government systems.