Opinion: Kazakhstan and South Korea Need Investment, Not More Memoranda, for Alatau City

There is no shortage of elegant phrases to describe relations between Kazakhstan and South Korea: “strategic partnership,” “immense potential,” “new prospects,” and “mutual interest.” What is still missing is South Korean investment on the scale sought for Alatau City and K-PARK, the international cultural and business center planned for the city. For years, the Korean community in Kazakhstan has been called a “living bridge” between the two countries. But even a golden bridge fulfills its purpose only when it connects both sides. It would be unfair to claim that South Korea is doing nothing. The Korea Overseas Infrastructure & Urban Development Corporation (KIND) is involved in planning, the K-Smart Town concept is being developed, and Korean companies and institutions are discussing possible participation. During President Kassym-Jomart Tokayev’s September 2026 visit to Seoul, Kazakhstan presented joint initiatives with KIND, the Korea Advanced Institute of Science and Technology, and Korea Airports Corporation. They covered urban development, research and education, digital technologies, and urban air transport. These are meaningful steps. But initial interest, a memorandum, project design, financial commitments, and actual foreign direct investment are different stages. We should not present progress at one stage as proof that the next has been achieved. Kazakhstan Is Selling a Vision. Investors Need Projects. The first problem is the gap between what Kazakhstan offers and what investors are prepared to finance. We have become adept at presenting the future. On screen, Alatau City has skyscrapers, smart districts, environmentally friendly neighborhoods, universities, medical centers, advanced transport systems, and AI. After the presentation, Korean businesses ask different questions. Who owns the land? Who pays for electricity, water, and other essential infrastructure? What are the utility tariffs? How are investors protected against changes in legislation? Where will disputes be settled? What return can they expect, and when will they recover their capital? At that point, an attractive rendering must give way to a carefully prepared spreadsheet. This is one of the weaknesses of our investment diplomacy. We too often sell a concept rather than an investable product. A company cannot simply invest “in the city.” It invests in a power plant, hotel, or data center, with a defined site, infrastructure arrangements, and a clear allocation of risks. The second problem is the scale of the undertaking. Alatau is being developed as an entirely new urban and economic environment. Investors must assess more than the prospects of a single enterprise. They must consider future population growth, demand, transport flows, energy and water supplies, and the stability of the regulatory framework. Kazakhstan has already adopted a special legal regime for Alatau City. The constitutional law, adopted on May 8, 2026, establishes a distinct framework for the city’s accelerated development, investment, governance, and economic activity. That is an important institutional step. Yet the existence of a law does not eliminate the need for predictable implementation. An investor must understand how the rules will operate over the next 10 or 15 years. Capital is more conservative than diplomacy. A minister can sign a...