President of Kazakhstan Kassym-Jomart Tokayev took part in Seoul in a Kazakh-Korean round table with the largest Korean and Kazakhstani companies, VRK News reports, citing the press service of the head of state.
In his speech the president of Kazakhstan, who has been on a state visit to South Korea since yesterday, informed forum participants about the main results of interstate talks with President Moon Jae-in, noting that the “Land of the Morning Calm” is a very important strategic partner of Kazakhstan.
“The volume of direct investment from your country over the past 15 years has been more than 6 billion dollars. More than 550 enterprises with Korean capital operate successfully in Kazakhstan, including leading corporations such as Samsung, Hyundai, Lotte, Posco, KNOC and others. With their participation 24 large projects worth more than 2.5 billion dollars have already been carried out. A landmark project is the construction and operation of the Big Almaty Ring Road (BAKAD) with the participation of the Korean company SK Engineering & Construction,” Kassym-Jomart Tokayev said.
The head of state spoke about plans to carry out 16 promising investment projects worth more than 1.5 billion dollars in such areas as the automotive industry, housing construction, metallurgy and agriculture.
The president stressed the priority of forming an economy based on innovation and new technologies.
“High-tech manufacturing in the processing industry, as well as Industry 4.0 technologies, are of strategic interest to us. South Korea is a recognised world leader in the digitalisation of the economy and a pioneer in 5G networks,” Kassym-Jomart Tokayev said.
Along with this the head of state noted that Kazakhstan has modern infrastructure for developing innovative technologies.
“We are interested in creating joint production of computer equipment, network equipment and data processing centres. Kazakhstan is also working on rolling out a 5G network. The first tests have been carried out in large cities. I invite Korean companies to take part in carrying out 5G projects in Kazakhstan,” the president said.
Kassym-Jomart Tokayev also urged making use of the considerable opportunities in subsoil use, pointing out that geologically only 25% of Kazakhstan's territory has been studied.
In this context the head of state reported that five ready projects exist for mining precious and non-ferrous metals and invited Korean companies to partnership in developing Kazakhstan's subsoil.
The president of Kazakhstan added that during the talks with the South Korean leader he had proposed joint research into natural resources on the territory of our country, as a result of which priority rights to extract the resources might be granted to Korean companies.
The speech also noted the priority of developing alternative and renewable energy in Kazakhstan. The president suggested that Korean companies consider investment opportunities in such areas as wind and solar power.
In addition, the president invited forum participants to joint production in Kazakhstan of nuclear fuel using Korean technologies, as well as to projects in the energy recovery of waste.
Praising cooperation with South Korea in mechanical engineering, Kassym-Jomart Tokayev stressed that thanks to the participation of large Korean companies the automotive industry has become one of the catalysts of Kazakhstan's economic growth. On this basis the president declared readiness to expand the model range and deepen the localisation of production.
The head of state spoke of an interest in localising the production of equipment and spare parts for the oil and gas industry together with Korean companies, and in deep processing of agricultural products using new technologies.
In addition, Kassym-Jomart Tokayev informed participants about the potential for transit of cargo from Asia to Europe through Kazakhstan, and about opportunities for diversifying Korean exports, including to the market of the Eurasian Economic Union.
Speaking about forming an institutional environment for investors, the president urged use of the opportunities of the national company Kazakh Invest, the special economic and industrial zones, and the Astana International Financial Centre.
Concluding his speech, the head of state called the event an effective practical step in deepening trade and economic interaction between the two countries.
Kassym-Jomart Tokayev announced his decision to create a special working group headed by Deputy Prime Minister Roman Sklyar for concrete work with Korean entrepreneurs. At the same time, as the president stressed, he will personally monitor the implementation of large institutional and infrastructure projects.
The round table was moderated by Christopher Koo, chairman of the Korea International Trade Association (KITA). The speakers were Almasadam Satkaliyev, chairman of the board of JSC Samruk-Kazyna National Welfare Fund, the Republic of Korea's minister of trade, industry and energy, and the heads of the Korean companies Samsung Electronics, Doosan Heavy Industries&Construction, Hyundai Engineering & Construction, Dongil Construction, Lotte Confectionery, BC Card, Seegene Medical Foundation, Korea Health Industry Development Institute (KHIDI), Dongkwang Trading Corporation and Kolon World Investment.
From the Kazakhstani side the meeting was attended by representatives of the Presidential Administration, members of the Government, heads of the AIFC and of the companies KazTransGas, Kazakh Invest, Kazakhtelecom, Kaspi.kz and others.
At the end of the round table 34 agreements worth a total of 1.7 billion dollars were signed, including 21 commercial documents and 13 non-commercial ones. The agreements reached on the joint implementation of investment projects provide for the transfer of Korean technologies based on the high efficiency and environmental friendliness of production.
