Kazakhstan and South Korea to Strengthen Economic Cooperation

photo: Kazakh Ministry of Industry & Construction

On May 23, Minister of Industry and Construction of Kazakhstan Kanat Sharlapaev participated in the 10th meeting of the Kazakh-Korean Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation.

Regarding the strength of economic ties between Kazakhstan and South Korea in industrial cooperation, Sharlapaev reported that the current implementation of 15 joint investment projects worth $854.4 million will create over 4.7 thousand jobs.

To date, seven projects involving the production of buses, trucks, and elevators have been launched in Kazakhstan, costing $188.9 million and creating over 2.7 thousand jobs.

In 2023, with the participation of Korean companies including Daewoo Bus Global Corporation, Hyundai, KIA, and the Youngsan Glonet Corporation, the output of Kazakhstan’s electrical engineering and automobile industries reached $8.4 billion.

In the same year, 34.1 thousand tons of ferroalloys worth $55.4 million were exported to the Republic of Korea. A joint project between Mineral Product International and SIMPAC Group is now underway to produce ferroalloys in Kazakhstan’s Pavlodar region.

The minister confirmed his country’s readiness to cooperate with Korea in the energy sector by urging Korean companies to support the modernization and construction of new power plants in Kazakhstan.

Finishing on an optimistic note, Sharlapaev announced, “Kazakhstan sees great prospects for the further development of cooperation with the Republic of Korea in all directions.”

 

 

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Times of Central Asia