President Kassym-Jomart Tokayev held meetings with the Prime Minister of the Republic of Korea, Han Duck-soo and heads of major Korean companies. At the centre of the talks were economic co-operation, investment, industry, logistics and the development of Alatau City. Following the meetings, the parties also exchanged a number of agreements and memoranda.
WHAT TOKAYEV DISCUSSED WITH THE PRIME MINISTER OF KOREA
Kassym-Jomart Tokayev congratulated Han Duck-soo on his appointment as Head of Government. The parties discussed the further development of the strategic partnership, including trade, investment, transport and logistics, car manufacturing, critical materials, digitalisation, artificial intelligence and medicine.
The President set the task of doubling bilateral trade turnover and proposed developing a Comprehensive Programme of Trade, Economic and Investment Co-operation between Kazakhstan and Korea for 2027–2030, as well as a separate roadmap for industrial co-operation.
WHAT PROJECTS WERE DISCUSSED WITH LOTTE
At the meeting with Lotte Group Chairman Dong-Bin Shin, the President noted the company's projects in the food industry, including the development of the Rakhat brand, as well as Lotte Global Logistics' plans to develop transport and logistics infrastructure.
The parties also discussed the hotel business. Following the meeting, memoranda were exchanged between Lotte and Sensata Invest on the construction of a Lotte hotel in Almaty and between Lotte and Alatau City Authority on a project to build a hotel and residences in the city of Alatau.
WHAT HYUNDAI MOTOR GROUP PROPOSED
During the meeting with the President and the head of the strategy and planning division of Hyundai Motor Group, Sung Kim, the parties discussed expanding investment and industrial-technological co-operation. The President focused attention on localisation of production, the manufacture of auto components, exports and the development of electric transport.
Following the talks, QazaqGaz, Hyundai Engineering and SICIM Kazakhstan exchanged agreements on the construction of a gas processing plant in Western Kazakhstan. Hyundai Motor Company and Astana Motors concluded an agreement on the production of a new Hyundai Tucson model.
WHAT ROLE KIND CAN PLAY IN THE DEVELOPMENT OF ALATAU
With the President and CEO of KIND, Kim Bok-hwan, Kassym-Jomart Tokayev discussed the Korean corporation's participation in the development of Alatau City, as well as infrastructure and investment initiatives.
Following the meeting, KIND signed a memorandum of understanding with Caspian Group, an agreement on developing a master plan for Alatau Smart City with Alatau City Authority, as well as a strategic agreement with Qazaqstan Investment Corporation.
WHAT OTHER INVESTMENT PROJECTS WERE PRESENTED TO THE PRESIDENT
Joint projects between Kazakhstan and South Korea in various sectors were presented to Kassym-Jomart Tokayev. Among them are the production of auto components in Almaty, a KIA localisation centre in Kostanai, the manufacture of medical ultrasound systems, the construction of a multi-specialty hospital in Almaty and the production of drones.
CONTEXT
Recall that Kassym-Jomart Tokayev is in Seoul on a state visit. During the trip, the Head of State held a number of meetings with representatives of the Republic of Korea and presented state awards to Korean figures.
Earlier, the President met with Hanwha Group Vice Chairman Kim Dong-wan. The Head of State proposed that the South Korean corporation implement joint projects in Kazakhstan, using the country as a technological platform for entering the markets of Central Asia.
