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Inflow of direct investments from Korea to Kazakhstan reached USD 7 billion

Trade turnover between Kazakhstan and Korea reached a record USD 4 billion in 2018, the inflow of direct investment accounted for almost USD 7 billion. That was announced during expanded talks of President Kasym-Jomart Tokayev with the President of the Republic of Korea Moon Jae-in, Akorda Press-Service informs.


«Cultural and trading ties between the two nations have been developing for many centuries since the Great Silk Road. The proximity of the history of our peoples is confirmed by the fact that Kazakh and Korean languages belong to the same Ural-Altaic language family», the President of Kazakhstan said.

Kasym-Jomart Tokayev highlighted the contribution of the First President of Kazakhstan Nursultan Nazarbayev to the establishment and strengthening of Kazakhstan and South Korean relations.

«Elbasy was at the root of the creation of bilateral partnership. He laid a solid foundation for friendship and cooperation between our countries and peoples», - the Head of the state said.

Kasym-Jomart Tokayev stressed that over the years of Kazakhstan Independence the relations between the two countries reached a qualitatively new cooperation level practically in all the areas. He praised the work of the Intergovernmental Commission and the Kazakhstan - South Korean Business Council.

«South Korea is one of the ten priority countries for Kazakhstan from the point of view of development of trade-investment and technological cooperation. It is pleasant to note the sustainable growth in the mutual trade turnover. According to results of the last year its parameters reached a record USD 4 billion, more than doubled compared to 2017. Our cooperation in the area of investments is developing systematically. The inflow of direct investments from Korea to Kazakhstan accounted for USD 7 billion. South-Korean business successfully is working in food, mining- processing, automobile and other sectors of our economy», - the President of Kazakhstan said.

Noting the importance of the Korean Diaspora’s contribution to the development of culture-humanitarian ties between the two countries, the Head of State indicated that it is among the largest ethnic groups in Kazakhstan. Kasym-Jomart Tokayev assured that the Government would continue to create conditions for further development of the culture of Koreans living in our country.

In turn, the President of the Republic of Korea, positively evaluated the Development Strategy Kazakhstan-2050, emphasized that among the countries of the Central Asia the Republic Kazakhstan is developing at the highest rates.

«Kazakhstan supports the peace process on the Korean Peninsula. Taking an opportunity, would like to express gratitude for your support. Kazakhstan is the country that has achieved economic progress after voluntarily renouncing  nuclear weapons. It is very important example for the Korean Peninsula», - Moon Jae-in said.

Concluding the meeting, Kasym-Jomart Tokayev emphasized that today's visit is of huge value in terms of further development of cooperation between the two countries, and assured that as the Head of the state he would promote further strengthening of friendship between Kazakhstan and South Korea.