Commerce turnover between Kazakhstan, S. Korea surpasses $6.5bln

BAKU, Azerbaijan, June 4. The commerce turnover
between Kazakhstan and South Korea in 2022 reached a report excessive
stage of over $6.5 billion, Development studies.

“Bilateral financial initiatives resembling Large Almaty Ring Highway
(BAKAD), vehicle meeting vegetation, and others are being
efficiently applied. Now we have agreed to proceed creating
cooperation in provide chain creation by means of collaboration in areas
resembling nuclear trade and lithium exploration,” stated South
Korean Minister of International Affairs, Park Jie-won, throughout a press
convention after the assembly with Deputy Prime Minister and
Minister of International Affairs of Kazakhstan, Murat Nurtleu, in
Nur-Sultan.

Nurtleu famous that South Korea is among the prime 10 largest
buyers in Kazakhstan and the second-largest buying and selling associate in
Asia. To this point, the Republic of Korea has invested $8.5 billion in
the Kazakh financial system, with $1.5 billion in direct investments in
2022. Each international locations are thinking about rising the amount of
investments sooner or later.

Kazakhstan is dwelling to 740 corporations with Korean enterprise
participation, together with KIA, Hyundai, Lotte, POSCO, and SK,
working in sectors resembling automotive manufacturing,
development, petrochemicals, and meals manufacturing. They’ve
already applied 28 main joint initiatives.

The Kazakh aspect is able to create favorable circumstances within the
nation for South Korean corporations planning to enter our market. “I
as soon as once more affirm our mutual curiosity in establishing fruitful
cooperation with Korean corporations in areas resembling power,
metallurgy, healthcare, superior IT and digitization applied sciences,
automotive manufacturing, agriculture, and trade,” added Murat
Nurtleu.

Earlier, it was reported that the overseas ministers of the
Republic of Korea and Kazakhstan agreed to prepare a go to by
President Moon Jae-in to Kazakhstan subsequent yr.

The official go to of the Minister of International Affairs of the
Republic of Korea, Park Jie-won, to Kazakhstan will final till June
1. In Almaty, a gathering between President Kassym-Jomart Tokayev and
the South Korean International Minister can be scheduled.