President Tokayev addresses International Forum for Northern Economic Cooperation
Global changes after the COVID-19 pandemic are discussed at the 2020 International Forum for Northern Economic Cooperation in Seoul. President of Kazakhstan Kassym-Jomart Tokayev addressed the event participants via video message. He said that at a time when the world is facing unprecedented challenges of the current pandemic, the synergy of political will and economic prudence is of crucial importance. In his speech, President Tokayev touched upon Kazakh-South Korean relations. He stressed that the historic visit of President of South Korea Moon Jae-in to Kazakhstan in April 2019 opened up a new chapter of bilateral cooperation. The Fresh Wind Program signed during this visit is aimed at intensifying comprehensive Kazakh-South Korean economic, trade and cultural ties. In this regard, President Tokayev highlighted the potential of the Astana International Financial Center.
“Korean investments into the Kazakh economy surpassed US$7 billion. Despite the global turbulence, this year our bilateral trade also shows a robust growth. Here, one should keep in mind that Kazakhstan accounts for 70 percent of the overall GDP of all five Central Asian states put together. And Korea secured the 10th position among leading investors. So, we have a huge untapped potential for further boosting our mutually beneficial interaction. That’s why I initiated the New Economic Course. The idea is not only about structural reforms, but also about building a more dynamic and stronger nation. Kazakhstan is ready to propose a tailor-made toolkit for Korean investors. Specifically, I mean provision of tax and custom preferences, co-financing of projects, partial guarantees and export support mechanisms,” said the president in his address.