Kazakhstan aims to double its trade turnover with South Korea and is proposing a new cooperation model for investors — "resources in exchange for technology." President Kassym-Jomart Tokayev made this statement at the opening of a Kazakh-Korean roundtable with business representatives from both countries, according to infohub.kz.
According to the head of state, over the past three decades Astana and Seoul have built strong economic ties. Last year, bilateral trade exceeded $3 billion, but Tokayev is confident that this figure can be doubled by joining efforts of governments and businesses.
"The total volume of foreign direct investment from Korea to Kazakhstan has exceeded $12 billion. More than a thousand companies with Korean capital operate in our country, including Samsung, Kia, Hyundai, Lotte, Doosan Enerbility, and Shinhan Bank. We are firmly committed to bringing our interaction to a qualitatively new level," the president emphasized.
Tokayev identified the development of critical minerals and rare metals as one of the key areas for joint projects. Kazakhstan offers investors a "resources – technology – industry" model to create full value-added chains. A logical step in this direction would be the establishment of a Technology Cooperation Center for Rare and Rare Earth Metals in Almaty.
Special attention during the speech was given to the energy sector. Tokayev recalled that the Korean company Hyundai Engineering is already involved in the construction of the Karachaganak gas processing plant, but the countries have potential to expand partnership in petrochemicals, renewable energy, and nuclear power.
"As the world's largest uranium producer, Kazakhstan has significant potential in the field of peaceful nuclear energy. Particular attention should be paid to small modular reactors, which are playing an increasingly important role in the global energy sector. Kazakhstan is ready to establish mutually beneficial cooperation with Korea in this area," Tokayev stated.
Earlier, Kursiv wrote that Kassym-Jomart Tokayev held a meeting with the Prime Minister of the Republic of Korea, Han Duck-soo. The head of state congratulated her on her recent appointment and wished her success in her new position.