Japanese, Korean businessmen to implement projects worth $2 billion in Kazakhstan
Japanese and Korean businessmen will implement projects worth $2 billion in Kazakhstan. The agreements have already been signed at joint business forums. The meetings were held as part of the Kazakh President’s visits to these countries. Over the years of Independence, trade turnover between Kazakhstan and Japan made up $10 billion. At the meeting with Japanese business circles, the Kazakh President paid attention to systematic measures taken in Kazakhstan to improve the conditions for doing business and attracting investments. Kazakhstan has introduces a variety of incentives for foreign investors, including tax subsidies and exemptions. Agreements worth over $1 billion have been signed between Kazakh and Japanese parties during the Kazakh President’s official visit. The parties intend to develop cooperation in the chemical and petrochemical industries, innovation, public-private partnerships, energy, finance, construction materials, tourism and trade. Among them are the construction of terephthalic acid and thermoplastic manufacturing plants in Atyrau and the wind power station in Mangystau region.
Kazakhstan also wants to expand mutually beneficial economic relations with South Korea. The country is one of Kazakhstan’s key partners in Eastern Asia. Nursultan Nazarbayev has emphasized this at the meeting with the largest South Korean companies. The total investment inflow from South Korea reached nearly $9 billion over 25 years. The Kazakh President noted that the promising sectors of cooperation are energy, agriculture, car industry, construction, and transport and logistics system. 465 joint enterprises with the participation of South Korean capital are operating in Kazakhstan at present. 14 investment projects worth $160 million have been implemented over the past three years.
Nursultan NAZARBAYEV, PRESIDENT OF KAZAKHSTAN:
We offer the Korean companies a platform for implementation of projects in the special economic and industrial zones of the country. In addition, we offer Korean companies management of these zones. We talked with the president on creation of free trade zone with the EAEU. Kazakhstan this year chairs the union. We welcome Korea’s intention to enter our markets. It would be beneficial for everyone.
The Korean side was particularly interested in freight through the port of Lianyungang. The prospect of transshipment of Korean goods directly to Kazakhstan or Russia is very profitable.
Zhenis KASSYMBEK, KAZAKH MINISTER OF INVESTMENTS AND DEVELOPMENT:
Our ministry has signed two memorandums. The first is on joint projects, which will be commissioned in future. We are now working on them. The projects are in various sectors, the total amount exceeds $1 billion. The second memorandum is in the transport sector.
Following the results of the business forum in South Korea, 20 commercial agreements worth more than $640 million have been signed. Investments in Kazakhstan’s economy in the near future are expected in construction, trade, tourism and innovative technologies.