Kazakhstan and South Korea Strengthen Cooperation in Trade, Culture and Economy

Kazakhstan and South Korea are strengthening their mutually beneficial cooperation in culture, trade and economy.

In terms of trade, the turnover between the countries last year amounted to about US$4 billion. Kazakhstan exported oil, uranium, copper, gold and steel and imported electronics, equipment and cars from South Korea.

Korea International Trade Association expert, Kim Hyun Soo said that the imports of Kazakhstan-produced oil were low until 2017 and it was increased from 27 million barrels to 55 million barrels.

He said that in 2018, South Korea imported crude oil from Kazakhstan worth US$1.1 billion.

Kazakhstan and South Korea also established 500 Korean-invested companies over the year. The two countries are also implementing 41 investment projects.

Korea Institute for International Economic Policy, Lee Jae-Young said that both countries have developed comprehensive cooperation in various sectors and is also looking to expand their cooperation.

“We can offer cooperation in the information and communications technology sector. Also, a combination of ECT and agriculture will significantly increase productivity,” he added.

South Korea is among the top 20 economies in the world. The agricultural country achieved significant success in a relatively short period of time.

Kazakh economic experts opined that Kazakhstan should learn and adapt the experience of South Korea, particularly in the innovation and adaptation in digital technologies field.

Deputy chair of Economic Research Institute of Kazakhstan, Bauyrzhan Mukan said that the country is interested in establishing digital economy projects.

“One of our main targets at the moment is to arrange internships for Kazakh professionals in South Korea. Our second objective is to organize and implement joint research projects. We hope that this cooperation will be beneficial for both Kazakhstan and South Korea,” he said.

South Korean investors are also interested to invest in the development of transport and logistics projects in Kazakhstan. Last year, a large South Korean company was involved in the construction of the Big Almaty Ring Road.

Photo: mfa.gov.kz