With the support of the Embassy of Kazakhstan in Korea, the Investment Week in Seoul ended with the holding of the Kazakh-Korean business forum, within which memorandums of cooperation were signed with the largest South Korean companies. 

About 50 representatives of Kazakhstani business and more than 200 Korean business companies participated in the forum. Akim of the South-Kazakhstan region, Zhanseit Tuimebayev, representatives of state bodies and national companies also took part in the event. 

"Today Kazakhstan provides a significant package of measures for foreign investors, which will ensure their long-term profitability and stability for doing business in the Republic of Kazakhstan. We are ready to support every foreign company," Vice Minister for Investments and Development, Arystan Kabikenov, said at the opening of the forum. 

A.Kabikenov emphasized that following the results of the analysis of potential export opportunities of Kazakhstan for the Korean market, 25 commodity items, demanded on the South Korean market, as well as 78 items, which are in demand in the market of Kazakhstan, were identified.

"All of this gives an opportunity for the opening of joint ventures by the companies of our countries," he said. 

The Vice Chairman of the Korean Chamber of Commerce and Industry, Jun-dong Kim, in his turn, said that within the framework of the One Belt - One Way Initiative, the cooperation has already been established between the countries. 

"This forum is a good opportunity to discuss joint projects, given that Kazakhstan is the leader in attracting investment in Central Asia. We believe that the time has come to strengthen our cooperation," Jun-dong Kim stressed. 

According to Kazakh Invest, currently about 500 companies with participation of capital from Korea are actively operating in Kazakhstan. 

"The positive trends in the development of our cooperation are evidenced by an increase in the inflow of foreign investment from Korea to Kazakhstan by 33% over the past year. And we intend to build up this potential. Thus, Kazakh Invest provides a full range of services for foreign investors in support of investment projects from the idea to the implementation on the principle of "Single Window," Deputy Chairman of the Board of Kazakh Invest, Rustam Issatayev, said. 

A number of memorandums on cooperation were also signed at the forum: between the Foreign Trade Chamber of Kazakhstan and the Chamber of Commerce and Industry of Korea, between the Kazakhstan Institute of Industry Development and the National IT Industry Agency in the field of digitalization of the economy; between the International Innovation-Production Consortium, Soosang ST Corporation and KazNU after Al-Farabi in scientific and educational and innovative activities in the field of healthcare; between the International Innovation-Production Consortium, Korea Telecom Corporation and R & IID; between JSC SEZ "Khorgos – Eastern Gate" and the Busan Port Authority; between JSC KTZ Express and Pantos; between the Transport Committee of the MID RK and ITS Korea in the field of intelligent transport systems, etc. 

During the forum, the meetings were also held between the Vice Minister for Investments and Development, A. Kabikenov, and Vice-Minister of Trade, Industry and Energy, Management of National IT Industry Agency, Busan Port Authority, LS Cable & System, EXIM Bank, Daegu-Gyeongbuk FEZ, POSCO Daewoo, Intellectual Transport Society of Korea, Kolon World Investment and others.

For reference: For the period from 2005 to September 2017, the gross inflow of direct investment from Korea to Kazakhstan was $4.66 billion. The trade turnover between the two countries in 2017 was $1.7 billion, an increase of 10% compared to the same period in 2016.

 

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