The strategic partnership and high level of cooperation between Kazakhstan and South Korea have led to the successful completion of seven projects totaling $188.9mn in Kazakhstan, generating over 2,700 new jobs, the Ministry of Industry and Construction of Kazakhstan reported.
Kazakhstan and South Korea continue to foster robust trade, economic, scientific, and technical cooperation, as evidenced by the recent 10th meeting of the Kazakh-Korean Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation chaired by Minister of Industry and Construction Kanat Sharlapaev on May 23.
Minister Sharlapaev highlighted the progress in economic ties, particularly in industrial cooperation. Currently, 15 joint investment projects valued at $854.4mn are underway, contributing to the creation of over 4,700 jobs. These projects encompass the production of buses, trucks, and elevators, signaling the diversification and growth of Kazakhstan's industrial landscape.
Mechanical engineering and mining and metallurgical industries emerge as key areas of collaboration. In 2023, Kazakhstan's electrical engineering industry recorded a product output volume of $8.4bn, with the participation of renowned Korean companies such as Daewoo Bus Global Corporation, Hyundai, KIA, and Youngsan Glonet Corporation.
Additionally, Kazakhstan exported 34,100 tons of ferroalloys worth $55.4mn to Korea in 2023, underscoring the mutual benefits derived from trade relations. A joint venture for ferroalloy production between Mineral Product International and SIMPAC Group in the Pavlodar region is in the pipeline, further enhancing bilateral economic ties.
Minister Sharlapaev expressed optimism regarding the future prospects of cooperation with Korea across all sectors. He emphasized the importance of constructive dialogue to address bilateral priorities effectively.
Furthermore, the development of the electric power system was highlighted during the meeting, with Kazakhstan expressing its readiness to collaborate with Korean firms in the energy sector.
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