ASTANA, Kazakhstan, June 12. South Korean companies are planning to start the next stage in the development of the automotive industry - the creation of a cluster for the production of automotive components in Kazakhstan, President of Kazakhstan Kassym-Jomart Tokayev said, Trend reports.
He spoke during the Kazakh-Korean business forum held in Kazakhstan.
According to the president, a good basis for mutually beneficial industrial cooperation between the two countries has been created in the automobile industry.
"Hyundai automobiles are already successfully assembled in Kazakhstan. Next year, we expect the launch of a full-cycle KIA plant with an investment of $200 million. It should be noted that the company, for the first time in its history, invested in the construction of the plant outside of South Korea, choosing our country for this purpose," Kassym-Jomart Tokayev said.
Meanwhile, there are over 700 joint ventures in Kazakhstan with South Korean capital involved at the moment.
"Numerous Korean companies are investing in Kazakhstan, aiding in job creation and industrial growth. Moreover, they're actively involved in modernizing Kazakhstan's national infrastructure through projects like the construction of the Big Almaty Ring Road (BARR) and a combined-cycle power plant," the president of Kazakhstan added.