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Kazakhstan and South Korea forge new cooperation agreements in energy and petrochemicals

DOWNSTREAM CENTRAL ASIA AND CASPIAN

Kazakhstan and South Korea forge new cooperation agreements in energy and petrochemicals

Kazakhstan and South Korea have agreed to further develop their expanded strategic partnership by identifying new areas of collaboration, President Kassym-Jomart Tokayev stated at a joint press briefing with South Korean President Yoon Suk Yeol on June 12, following bilateral negotiations, as reported by the Akorda.

Source: AstanaTimes

South Korea is one of Kazakhstan’s five largest investors, with investment volume reaching $9.6 billion as of last year. More than 700 companies with Korean capital are successfully operating in Kazakhstan, including major corporations such as Samsung, Hyundai, Kia, Lotte, Doosan, and Posco.

The leaders agreed to strengthen comprehensive cooperation primarily in infrastructure and production development, finance, energy, environment, automotive and aerospace industries, IT, and digitization.

Doosan Enerbility is currently building a power plant based on a combined cycle in Turkistan, while Samsung Electronics plans to start producing household appliances in Kazakhstan. Additionally, GL Ralpha aims to construct a biopharmaceutical plant in Astana.

Tokayev confirmed Kazakhstan’s readiness to create favorable conditions for Korean companies interested in joint exploration and production of rare earth metals. To facilitate this, a working group has been established to enhance interaction between the intergovernmental commission, the Business Council, and the business community.

The Kazakh President highlighted a memorandum of understanding in banking supervision, noting that it was signed to ensure investment safety. He also supported the transformation of the Korean microfinance organization BNK Finance Kazakhstan into a second-tier bank.

Touching on science and education, Tokayev pledged to consider opening a branch of Woosong University in Turkistan.

He also assured support for the Korean diaspora in Kazakhstan in preserving and developing their language and agreed to hold regular cultural events in both countries.

Currently, citizens of Kazakhstan can stay in Korea without a visa for up to 30 days. In the near future, direct flights will open on the Astana-Seoul route.

he said

Tokayev affirmed his support for the Korea-Central Asia K-Silk Road Initiative and backed South Korea’s proposal to hold the first summit in this format next year in Seoul.

In addition to their focus on regional cooperation, both leaders expressed concern over global conflicts and emphasized the importance of resolving disputes through dialogue and diplomacy, adhering to the UN Charter and international law.

Yoon highlighted the significance of strengthening the strategic partnership and economic cooperation between Kazakhstan and South Korea, noting agreements reached in the electricity sector and the supply of critical minerals.

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