Kazakhstan, South Korea to increase trade turnover by 30% - Korean Ambassador

Astana, Kazakhstan, Sept.26

By Daniyar Mukhtarov - Trend:

The trade turnover between Kazakhstan and the Republic of Korea will increase by 30 percent by the end of this year in comparison with 2013, Extraordinary and Plenipotentiary Ambassador of the Republic of Korea in Kazakhstan Baek Chuhen told Trend.

"Trade turnover between Kazakhstan and the Republic of Korea is growing rapidly. If it amounted to $1 billion at the end of last year, it will increase by 30 percent by the end of this year," he said.

The ambassador said that trade between the two countries will increase due to the participation of South Korean companies in such major projects in Kazakhstan, as the construction of the Balkhash TPP and integrated chemical complex in Atyrau.

The diplomat said that investments of the Republic of Korea in the economy of Kazakhstan amounted to $10 billion.

The inflow of investments at the expense of the participation of Korean companies in projects in Kazakhstan related to the "green" economy is expected, the chairman of Kazakh Samruk-Energo JSC Almasadam Satkaliyev said.

"The South Korean companies have a unique experience in recycling of domestic and industrial waste, the use of alternative energy sources. These are such well-known companies in the world, as Samsung, Hyundai, LG," he said.

The presidents of Kazakhstan and Korea started construction of the first module of the Balkhash thermal power plant in fall 2012. Kazakhstan and South Korea have signed a contract on the "turnkey" construction of the first module of the Balkhash thermal (coal) power station with capacity of 1320 MW.

It is planned that the Balkhash thermal power plant will cover the energy deficit in the south of Kazakhstan. Capacity of the thermal power plant will amount to 2640 MW.

An authorized capital was formed. Some 25 percent belongs to Samruk-Energo, 75 percent to the Korean consortium Samsung / KEPCO within the framework of the authorized capital. Funding will be divided as follows: 30 percent - share capital, 70 percent - the borrowed capital.

Preliminary project cost will amount to $4 billion.

The agreement between the governments of Kazakhstan and South Korea in the field of development, financing, design, construction, operation and maintenance of Balkhash thermal power plant was signed in 2011.

Construction of the Balkhash thermal power plant should be completed by 2018.

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