Kazakhstan and South Korea ink coop agrts worth USD 3.2 bln
Kazakhstan has signed more than 30 cooperation agreements with Korea totaling 3.2 billion USD.
The signing took place in the framework of the Kazakhstani-Korean business forum, co-organized by the Chamber of International Commerce of Kazakhstan.
Among the signed agreements are a Memorandum of Cooperation on construction of a plant for the production of ferroalloys of Kazakhstani company Mineral Product LLP; an agreement with Korean Sac Holding on project for manufacturing equipment for greenhouses; project for manufacturing elevators and provision of services for modernization of elevator equipment between Kazlift and LGS Elevator Korea Ltd.
Under the agreements Operator ROP LLP (Kazakhstani operator of Extended Producer Responsibility) with Korean investor Hanki Industrial Co will begin construction of a plant for waste disposal with energy production. Its construction will ensure the continuous supply of heat and electricity to the public. The capacity of the plant for the gasification of waste will be 100 thousand tons of waste per year.
“South Korea is one of the 10 priority countries for Kazakhstan in terms of the development of trade, investment and technology cooperation. We are interested in further deepening of interaction and in search for new opportunities for implementation in this area. The inflow of direct investments into Kazakhstan amounted to about 7 billion USD. We have a sufficient number of success stories in this area - one of the largest projects is the construction of the Big Almaty ring road with the participation of Korean companies. Korean business is successfully operating in the food, ore-dressing, automotive and other industries in Kazakhstan,” President of the Republic of Kazakhstan Kassym-Jomart Tokayev said.
According to the President, this experience should be a signal for other South Korean companies wishing to invest in Kazakhstan.
In addition, within the framework of the memorandum the construction of a plant for assembly of Korean cars will begin this year. According to the obligations, the Kazakh side will provide up to 51 per cent of localization next year.
In turn, President of the Republic of Korea Moon Jae-in especially stressed the interaction of the two countries in the development of infrastructure, agriculture, culture and health care. He noted the experience of Kazakhstan in abandoning nuclear weapons.
“Kazakhstan is a country that has achieved economic development after voluntarily giving up nuclear weapons, which is a very important example for the Korean Peninsula. We hope that you will share experience with us in this matter,” President of the Korean Republic Moon Jae-in said.
At the end of the forum, the parties came to a common opinion on strengthening mutually beneficial and practical cooperation in the political, economic, trade, investment, innovation, cultural, sports and tourism fields. Also, Kazakhstan and Korea plan to exchange students and jointly solve the problems of the Aral Sea.
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