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South Korea ready to share 1997 financial crisis experience with Kazakhstan: ambassador

Business Materials 10 February 2009 13:21 (UTC +04:00)

Kazakhstan, Astana, Feb. 10/ Trend , K. Konirova/

 

South Korea is prepared to share its experiences in the 1997 Asian financial crisis with Kazakhstan, South Korean Ambassador Il Su Kim said.

 

"We share some common aspects in our economic development. South Korea achieved certain economic progress. Kazakhstan has also set high goals that the Korean nation also once set," Kim said.

 

South Korea endured the Asian financial crisis in 1997.

 

Kazakhstan will have a similar experience, he added.

 

"We can share our experiences to lend assistance," Kim said.

 

The South Korean Embassy in Kazakhstan organized a financial policy workshop in Astana.

 

Senior experts and specialists from both countries attended.

 

The embassy plans to organize another construction workshop in the near future.

 

"I know construction is a major sector in Kazakhstan. South Korea has significant experience in this sector. We can teach the country how to develop the sector and help construction firms handle the crisis," he said.

    

Kim added that Kazakh-South Korean cooperation can develop in many fields, including space exploration, construction, agriculture and transport. He also met with the management of the Kazakh national transport company Temirjoli. 

 

"We discussed issues including providing South Korean software support for Kazakh railway signals and communication. Our specialists are very good in this sphere," Kim said.

 

He also proposed using South Korean know-how to construct high-speed trains running between Almaty and Astana. He said Kazakstan is studying the proposals.

 

South Korea is currently building its own cosmodrome. It is interested in cooperating with Kazakhstan in this sphere. The ambassador also discussed joint activities with the Kazkosmos national company.

 

The trade turnover between South Korea and Kazakhstan totaled $800 million in 2008.

 

South Korea invested $2 billion in the Kazakh economy, he noted.

 

Kazakhstan and South Korea established diplomatic ties in 1992.

 

South Korean companies are engaged in the banking, oil-and-gas and uranium-mining industries in Kazakhstan.

 

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