Kazakhstan-Korean Business Council held 3rd session in Almaty


Kazakhstan-Korean Business Council held 3rd session in AlmatyRelations between the two countries rose to the level of quality. This has been announced today in Almaty at the third meeting of the Kazakh-Korean Business Council for Strategic Cooperation by President and CEO of Samsung C & N Corporation Kim Shin.

Korea is a strategic partner of Kazakhstan, the volume of trade between the countries is more than $ 1 billion. The main items of Kazakhstan’s exports are uranium, ferro alloys, rolled non-alloy steel and iron, gold, copper, imports are electronics, equipment and engineering products.

Now Kazakhstan has about 800 joint ventures with South Korean capital. South Korea’s investment portfolio for joint business projects is more than $ 8 billion.  The largest known project in Kazakhstan is construction of the Balkhash thermal power plant of 1320 MW. About its significance we can judge from the fact that the Presidents of Kazakhstan and Korea were present in the opening ceremony of the construction of the power plant, which was held in the format of video-conference “Astana-Ulken.”

“The Council acts as a bridge, from the construction of the Balkhash thermal power plant and ending assembling buses and the creation of logistics centers. Now it is important to create a new framework for construction of business circles of the two countries. I think the Korean experience in the fields of engineering, chemistry, new technologies useful to Kazakhstan. We must look for new opportunities for cooperation, but above all, it is necessary to address the challenges related to customs duties, involving labor, etc. ” said Kim Shin.

The Kazakh side – co-chair of the Business Council, Chairman of the Board of “Samruk-Energo” Almasadam Satkaliyev noted that bilateral economic cooperation should strengthen and deepen cooperation in trade investment and promote economic reputation of both countries. “Every meeting of the Council promotes the exchange of experience and shows support for implementation of strategically important investment projects in Kazakhstan and Korea,” he said.

The event was also attended by the Ambassador of South Korea in Kazakhstan Baek Hyun Joo. “Over the past 20 years entrepreneurs from both countries have learned each other well. Now it’s time for new beginnings. Time does not wait for us. We need to make wise decisions, ” said the diplomat.

In addition, the session was attended by about 90 representatives of business circles of Korea and the Republic of Kazakhstan. The IV meeting of the Kazakh-Korean Business Council will be held in the autumn of this year in Korea.