BAKU, Azerbaijan, September 16. Kazakhstan President Kassym-Jomart Tokayev has proposed launching a Partnership for Industrial and Technological Development "Central Asia - Korea" to promote industrial cooperation, technology transfer, and localization of production.
According to the press service of the Kazakh president, Tokayev made the proposal during the first Central Asia - Republic of Korea Summit, where he presented his vision for further development of multilateral cooperation.
He identified trade, economic and investment cooperation as the first priority.
"Last year, trade between Central Asia and Korea exceeded $10 billion for the first time. Kazakhstan accounts for about half of the region's total trade turnover. Seoul is among the top 10 trading partners of our country and ranks ninth among the largest investors, with gross investment exceeding $12 billion. More than 1,000 joint ventures with Korean capital operate in Kazakhstan. Leading companies such as Kia, Hyundai, Doosan, Posco, Samsung, Lotte and Hanwha have been successfully operating in the Kazakh market for many years," Tokayev said.
He added that today, bilateral cooperation is reaching a new level. During the visit, commercial agreements worth about $19 billion were signed. The president emphasized that Kazakhstan would continue creating all necessary conditions for Korean companies to operate in the country.
According to Tokayev, the Altyn Visa program, which facilitates the long-term presence of investors in Kazakhstan, serves this purpose.
"Significant potential that requires further deepening of economic cooperation exists in the industrial sector. A good example is the KIA Qazaqstan plant launched in Kazakhstan last year, with a capacity of 70,000 vehicles per year. A full-fledged cluster is being formed around the enterprise," Tokayev said.
He also welcomed the first meeting of the Ministers of Industry of the Central Asian countries and the Republic of Korea.
"To develop this initiative, we propose launching the Partnership for Industrial and Technological Development 'Central Asia - Korea'. Within this mechanism, our governments could form a portfolio of flagship joint projects, focusing on localization of production, technology transfer, development of regional cooperation and exports of finished products to third-country markets," Tokayev said.
He expressed confidence that the Central Asia - Korea Business Forum would make a significant contribution to this process.
