President

Tokayev invited Korean companies to partnership in development of Kazakhstan's subsoil

Photo by the press service of RK President
After the talks at the highest level, the Head of State took part in a round table with the participation of the largest Korean and Kazakh companies, Kazpravda.kz reports with reference to the press service of the President of the Republic of Kazakhstan.

In his speech, Kassym-Jomart Tokayev informed the forum participants about the main results of interstate negotiations with President Moon Jae-in, noting that South Korea is a very important strategic partner of Kazakhstan.

"The volume of direct investments from your country over the past 15 years has amounted to more than $ 6 billion. More than 550 enterprises with Korean capital are successfully operating in Kazakhstan, including such leading corporations as Samsung, Hyundai, Lotte, Posco, KNOC and others. 24 large projects worth more than $ 2.5 billion have been implemented. 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," the President said.

The head of state spoke about plans to implement 16 promising investment projects worth more than $ 1.5 billion in such areas as the automotive industry, housing construction, metallurgy and agriculture.

The President focused on the priority of forming an economy based on innovations and new technologies.

"High-tech industries in the manufacturing industry, as well as Industry 4.0 technologies, are of strategic interest to us. South Korea is a recognized world leader in the digitalization of the economy and a pioneer in the field of 5G networks," said Kassym-Jomart Tokayev.

Along with this, the Head of State noted the availability of modern infrastructure in Kazakhstan for development of innovative technologies.

"We are interested in creating joint ventures of computer equipment, network equipment, data centers. Kazakhstan is also working on the deployment of a 5G network. The first tests have been carried out in cities. I invite Korean companies to take part in the implementation of 5G projects in Kazakhstan," the President said.

Kassym-Jomart Tokayev also called for the use of significant opportunities in the field of subsoil use, pointing out that only 25% of the territory has been geologically explored in Kazakhstan.

In this context, the Head of State announced the presence of five ready-made projects for the extraction of precious and non-ferrous metals and invited Korean companies to a partnership in the development of Kazakhstan's subsoil.

The President of Kazakhstan added that during negotiations with the South Korean leader, he made a proposal to jointly conduct research on natural resources in our country, as a result of which the priority right to extract resources can be granted to Korean companies.

He also noted the priority of the development of alternative and renewable energy in Kazakhstan. The President invited Korean companies to consider investment opportunities in such areas as wind and solar energy.

In addition, the President invited the participants of the forum to the joint production of nuclear fuel in Kazakhstan using Korean technologies, as well as to the implementation of projects in the field of energy waste disposal.

Highly appreciating cooperation with South Korea in the field of mechanical engineering, Kassym-Jomart Tokayev emphasized that thanks to the participation of large Korean companies, the automotive industry has become one of the catalysts for Kazakhstan's economic growth. Based on this, the President announced his readiness to expand the model line and deepen the localization of production.

The head of state spoke about his interest in localizing the production of equipment and spare parts for the oil and gas industry together with Korean companies, as well as in deep processing of agricultural products based on new technologies.

In addition, Kassym-Jomart Tokayev informed about the potential for the transit of goods from Asia to Europe through Kazakhstan, as well as about the possibilities for diversifying Korean exports, including to the market of the Eurasian Economic Union.

Speaking about the formation of the institutional environment for investors, the President urged to use the opportunities of the national company Kazakh Invest, special economic and industrial zones, as well as the Astana International Financial Center.

In the end, the Head of State called the event an effective practical step in deepening trade and economic cooperation between the two countries.

Kassym-Jomart Tokayev announced his decision to create a special working group headed by Deputy Prime Minister Roman Sklyar for specific work with Korean entrepreneurs. At the same time, as the President stressed, in terms of the implementation of large institutional and infrastructure projects, monitoring will be carried out by him personally.

The moderator of the round table was Christopher Ku, Chairman of the Korea International Trade Association KITA. The speakers were the Chairman of Samruk-Kazyna NWF JSC, the Minister of Trade, Industry and Energy of the Republic of Korea, as well as the heads of 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.

The Kazakh side was represented by members of the Presidential Administration, members of the Government, heads of the AIFC, KazTransGas, Kazakh Invest, Kazakhtelecom, Kaspi.kz and others.

34 agreements were signed for a total of $ 1.7 billion, 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 high efficiency and environmental friendliness of production.
15:29, 17 August 2021
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