South Korea - The Times Of Central Asia

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Transport South Korea

Uzbekistan Purchases High-Speed Electric Trains

As reported by the press service of Uzbekistan Railways, during the visit of the South Korean president to Uzbekistan, Uzbekistan Railways and Hyundai Rotem held a bilateral meeting on the initiative of a presidential decree on railway reforms. In line with these reforms, a project to purchase six high-speed passenger electric trains was launched, supported by the Korea Economic Cooperation Development Fund, Uzbekistan Railways, Temiryo'lekspress, and Hyundai Rotem. An agreement was signed for the supply and maintenance of these electric trains. During the meeting, it was announced that Hyundai Rotem’s electric train would be named “Jalaluddin Manguberdi” and operate on the Tashkent-Urganch-Khiva route. The meeting concluded with the signing of a tripartite memorandum between Uzbekistan Railways, Temiryo‘lekspress, and Hyundai Rotem.

Banking Export/import Economy South Korea Financial Market

South Korean Corporation Bank to Open in Kazakhstan

Microfinance organization BNK Finance Kazakhstan, part of the Korean corporation BNK Financial Group Inc., has been granted permission to transform into a second-tier bank. The news was reported by the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market's press service (ARFM). BNK Financial Group Inc. is the largest South Korean financial group with assets of $129 billion and a national rating of "AAA." The group has two banks with over 300 branches and "A2" international ratings. In 2021, BNK MFI received a license to carry out microfinance activities. Since then, the company has significantly increased its performance and capabilities and now ranks 13th in terms of assets in Kazakhstan's microfinance organizations sector. The decision by the Agency for Regulation and Development of the Financial Market of Kazakhstan (ARDFM) to issue a permit for BNK's voluntary reorganization into a second-tier bank was approved by a resolution on June 7. As noted by the press service, the appearance of a new foreign bank in Kazakhstan's financial market will strengthen competition in the banking sector and provide clients in Kazakhstan with financial services that adhere to international groups' advanced corporate standards. Earlier this month, during talks with the head of South Korea, Yoon Suk Yeol, Kazakhstan's president Kassym-Jomart Tokayev, cited Seoul as one of Astana's most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover and is among Kazakhstan's top ten largest foreign investors.

Economic cooperation Mutual trade South Korea Economy Export/import

Kazakhstan and South Korea: “A Golden Bridge of Friendship”

The President of Kazakhstan, Kassym-Jomart Tokayev, held talks with the President of South Korea, Yoon Suk Yeol. According to Tokayev, Seoul is one of Astana’s most important strategic partners in the Asia-Pacific region. Korea ranks fourth in foreign trade turnover, and is among Kazakhstan’s top ten largest foreign investors. South Korea has become a true economic and technological locomotive on a global scale, Tokayev stated. World-renowned Korean corporations seriously support promoting the country’s position in the international arena as a “key global state.” Kazakhstan and Korea have achieved a high level of political dialog, establishing fruitful economic cooperation and strong humanitarian ties. The two countries interact in various spheres, including inter-parliamentary, inter-governmental, and inter-departmental contacts. According to Tokayev, regular contact between businessmen of the two countries plays a very important role in building close ties. More than 700 companies with South Korean capital successfully operate in Kazakhstan. “The 120,000 ethnic Koreans in Kazakhstan fulfill an important role and make an invaluable contribution to strengthening our relations. In turn, more than a thousand Kazakh students studying in Korea are a ‘golden bridge of friendship’ between our countries,” Tokayev stated. During the talks, the presidents discussed prospects for bilateral cooperation in energy, infrastructure and industry, engineering, trade, transport and logistics, digitization and the aerospace industry, the financial sector, education, healthcare and pharmaceuticals, tourism and culture, ecology, and other fields.

South Korea Economy Security Investments International Cooperation Economic cooperation

South Korea Set to Intensify Cooperation with Central Asia

With the intention of intensifying cooperation between Seoul and Central Asia, South Korean President Yoon Suk-Yeol will make a state visit to three Central Asian countries from 10-15 June. As reported by Kim Tae-hyo First Deputy Director of the National Security Office of the Presidential Administration, President Yoon Suk-Yeol accompanied by his wife Kim Gong Hee, will visit Turkmenistan, Kazakhstan, and Uzbekistan and engage in talks with the countries' leaders as well as participate in business forums. Kim Tae-hyo emphasized that South Korea aims to intensify diplomacy and cooperation with Central Asia through wide-ranging efforts. These include a regular summit of the Korea-Central Asia K-Silk Road Initiative, the first of which will be hosted by Seoul next year. “Through this initiative, we intend to promote the joint, free, and peaceful development and prosperity of Korea and the Central Asian region,” stated Kim Tae-hyo The main areas of cooperation under the Initiative include the development of four key sectors : natural resources, official development assistance, cultural and people-to-people exchanges, and enhanced official and private contacts. Areas for cooperation will be identified and prioritized in each of the five Central Asian countries :Kazakhstan, Kyrgyzstan, Turkmenistan, Uzbekistan and Tajikistan. Cooperation in Kazakhstan will focus on energy and infrastructure; in Kyrgyzstan, water resources and tourism, and in Turkmenistan, constructing energy plants. Seoul makes no secret of its high interest in the region's rich natural resources, including uranium, lithium and tungsten.

Energy Kazakhstan South Korea Foreign Investment Environmental Awareness

South Korean Сompanies to Modernize Kazakhstan’s Power Plants

At the end of April, a Memorandum of Understanding was signed by the Ministry of Energy of Kazakhstan, KEPCO and Doosan Enerbility regarding the South Korean companies’ investment in modernizing Kazakhstan’s GRES Topar power plant and power plants in Astana, Almaty, and Pavlodar. Kazakh Invest welcomed the Korean partners’ pledge to provide innovative environmental solutions to increase the plants’ productivity. In support of the initiative, Kim Jung-Kwan, Senior Vice President of Doosan Enerbility, commented, "The environmental solutions of KEPCO and Doosan Enerbility are optimal for the government of Kazakhstan, which seeks to reduce the level of air pollution in the country. After signing this memorandum, we will work together to contribute to the development of environmentally friendly energy projects in Kazakhstan.”

Kyrgyzstan South Korea Uzbekistan Migration Central Asia Kazakhstan

Central Asians Continue Working in South Korea Despite Legal Issues

The authorities in the Republic of Korea have offered an option to citizens of Uzbekistan who are in the country illegally to return home without facing legal repercussions. To do this, they must voluntarily leave South Korea by February 29th to avoid being subject to deportation rules and be able to return legally in the future. According to the Agency for External Labor Migration of Uzbekistan, illegal migrants can apply for voluntary departure with the immigration service of Korea up until three working days before the expected date of departure. Applicants need to present their passport and an airline ticket. The service will then issue the migrant an identity card, with which Uzbekistani nationals will be able to return to their home country without hindrance. South Korea is one of the most popular destinations for Uzbeks, both for work and studies, with Uzbeks occupy fifth place by size of foreign diaspora in the country and numbering more than 69,000. Among them are a large number who are in Korea illegally; according to this indicator, Uzbekistan ranks third. The most popular scheme involves obtaining a D-4 visa, which is granted to foreign citizens who study the Korean language. Having received this and reached the Korean peninsula, citizens of Uzbekistan then start working and stay in the country illegally. In recent years, the Government of Uzbekistan has established regulations for legal and safe labor migration to South Korea, and at the start of 2024, the republic announced its intention to attract 100,000 Uzbeks to work in the country. Workers are required in sectors such as manufacturing, agriculture, services, and construction. To enter the South Korean workforce legally, Uzbeks need to pass language qualification exams and interviews. Labor migration to South Korea is also well established in neighboring Kyrgyzstan. Over the past 16 years, 5,000 Kyrgyz have been employed. Citizens of Kyrgyzstan can work there under a contract for four years and nine months, and receive more $2,000 per month. This year, Korea has allocated a quota for labor migrants in the amount of 3,300 people - an increase of 18% on 2023. By contrast, the issue of labor migration to South Korea from Kazakhstan is still at the negotiation stage. If the parties reach an agreement, Kazakhs will be able to work in Korea for three years - provided they successfully pass the language and professional tests. However, the lack of an agreement does not stop those who wish to earn money in Korea: according to the immigration service of Korea, since the beginning of 2023 about 7,000 Kazakh citizens have been staying in the country without labor visas. The number of companies interested in hiring illegal migrants in South Korea is constantly expanding for one simple reason: it's profitable. Migrants are not protected in any way in case of labor disputes, and they earn much lower wages than legal workers. Accordingly, the number of migrants who die working in dangerous industries is also increasing. From 2019 to 2022 alone, 61 Kazakh...