Kazakhstan and Korea to implement 40 projects worth US$7 billion
Bilateral cooperation between Kazakhstan and South Korea is reaching a new level.
The countries’ relations have significantly expanded the interaction horizons of the ‘Fresh Wind’ economic cooperation program for 2019 until 2022.
The project was signed in April this year during the state visit of President of South Korea Moon Jae-In to Kazakhstan.
The program includes cooperation in 10 industries as well as implementation of 58 projects.
According to Ambassador of the Republic of Korea in Kazakhstan, Kim Dae-Sik, agreement includes the development of information and communication technologies, digitalization and cooperation on the Fourth Industrial Revolution.
It also includes the improvement of transport and logistics centers as well as infrastructure, development of oil and gas sectors, mining, construction and tourism. In addition, areas such as health care and education are also part of the program.
The current package of Kazakhstan and Korean industrial and innovative projects is worth about US$7 billion. 19 projects worth US$2 billion have been implemented while six projects are currently being executed.
The work package includes the participation of Korean company in the construction of the Big Almaty Ring Road.
A joint car assembly plant will also be opened in the future.
Korea is actively investing in Kazakhstan compared to other countries in Central Asia. About US$4 billion have been invested into the local economy. The revenue is increasing. Last year the revenue was recorded at US$2.5 billion.
“In the first half of this year, we reached 90 percent of the figure. The trade turnover has reached US$2 billion. By the end of the year, the figure is expected to double,” ambassador, Kim said.
Kazakhstan exports oil, uranium, copper and steel to South Korea and imports electronics, equipment and cars from the country of Morning Freshness.
Currently, there are more than 500 enterprises with participation of Korean capital operating in Kazakhstan.