Kazakh Prime Minister Alikhan Smailov and South Korean Minister of Trade Ahn Duk-geun discussed their countries' strong economic ties during an October 24 meeting. The two nations are currently implementing five major projects valued at $1.5bn, with an additional 25 promising projects under consideration, totaling nearly $500mn in potential investments.
One of the key projects discussed involves the construction of a new KIA plant in Kostanai, requiring a total investment of $190mn. This state-of-the-art facility is expected to have an annual production capacity of 70,000 cars, adding to Kazakhstan's automotive manufacturing sector. Kazakhstan already hosts over 700 Korean operating enterprises, including industry giants such as Hyundai, Samsung, LG, and now, KIA.
South Korea has established itself as one of the top ten largest investors in Kazakhstan's economy, contributing approximately $9.2bn over the past 18 years. In 2022, direct investment from South Korea reached a record level of $1.5bn, marking an impressive 85% increase from previous years.
Furthermore, the trade turnover between the two nations experienced substantial growth, increasing 2.3 times to over $6.1bn in the preceding year. This positive trend continued with an 11% rise in trade during the first eight months of 2023.
Prime Minister Smailov emphasized the importance of diversifying the range of goods traded between Kazakhstan and South Korea. He proposed activating the Kazakhstan-Korea Intergovernmental Commission for Trade, Economic, and Scientific and Technical Cooperation to foster greater economic cooperation.
Minister Ahn Duk-geun expressed South Korea's keen interest in engaging in technological cooperation with Kazakhstan. He noted that the successful implementation of the KIA plant project could open doors for the construction of additional similar plants and production facilities in Kazakhstan.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)