BAKU, Azerbaijan, June 4. The trade turnover between Kazakhstan and South Korea in 2022 reached a record high level of over $6.5 billion, Trend reports.
"Bilateral economic projects such as Big Almaty Ring Road (BAKAD), automobile assembly plants, and others are being successfully implemented. We have agreed to continue developing cooperation in supply chain creation through collaboration in areas such as nuclear industry and lithium exploration," said South Korean Minister of Foreign Affairs, Park Jie-won, during a press conference after the meeting with Deputy Prime Minister and Minister of Foreign Affairs of Kazakhstan, Murat Nurtleu, in Nur-Sultan.
Nurtleu noted that South Korea is one of the top 10 largest investors in Kazakhstan and the second-largest trading partner in Asia. To date, the Republic of Korea has invested $8.5 billion in the Kazakh economy, with $1.5 billion in direct investments in 2022. Both countries are interested in increasing the volume of investments in the future.
Kazakhstan is home to 740 companies with Korean business participation, including KIA, Hyundai, Lotte, POSCO, and SK, operating in sectors such as automotive manufacturing, construction, petrochemicals, and food production. They have already implemented 28 major joint projects.
The Kazakh side is ready to create favorable conditions in the country for South Korean companies planning to enter our market. "I once again confirm our mutual interest in establishing fruitful cooperation with Korean companies in areas such as energy, metallurgy, healthcare, advanced IT and digitization technologies, automotive manufacturing, agriculture, and industry," added Murat Nurtleu.
Earlier, it was reported that the foreign ministers of the Republic of Korea and Kazakhstan agreed to organize a visit by President Moon Jae-in to Kazakhstan next year.
The official visit of the Minister of Foreign Affairs of the Republic of Korea, Park Jie-won, to Kazakhstan will last until June 1. In Almaty, a meeting between President Kassym-Jomart Tokayev and the South Korean Foreign Minister is also scheduled.