BAKU, Azerbaijan, September 15. South Korea's Korea Overseas Infrastructure & Urban Development Corporation (KIND) will participate in developing the master plan for Kazakhstan's Alatau Smart City project, according to the presidential press service.
The agreement on the development of the master plan was exchanged between Alatau City Authority and KIND following a meeting between President of Kazakhstan Kassym-Jomart Tokayev and KIND President and CEO Kim Bokhwan in Seoul.
The parties also exchanged a memorandum of understanding between Caspian Group and KIND and a strategic agreement between Kazakhstan's Qazaqstan Investment Corporation and KIND.
During the meeting, Tokayev noted KIND's role in developing investment cooperation between Kazakhstan and South Korea and highlighted the company's previous participation in the implementation of the Big Almaty Ring Road (BAKAD) project.
The talks focused on prospects for KIND's participation in the development of Alatau City. Tokayev noted the project's potential and called for active participation by Korean companies in infrastructure and investment initiatives in the new city.
The President also invited KIND to participate in Kazakhstan's large-scale plans to modernize social and transport infrastructure.
In turn, Kim Bok-hwan highlighted Kazakhstan's role as a transport and logistics hub in Eurasia and expressed readiness to contribute to strengthening economic cooperation between the two countries.
The sides also discussed the establishment of a Kazakh-Korean joint investment fund to attract Korean capital and technology to infrastructure and energy projects in Kazakhstan.
KIND is an organization established in June 2018 by the government of the Republic of Korea in accordance with the Overseas Construction Promotion Act enforced on the 25th of April 2018, to proactively support global Public-Private Partnership (PPP) business.
