Kazakhstan and South Korea have agreed to upgrade relations to a comprehensive strategic partnership, as the two countries discuss nearly $19 billion in projects spanning energy, critical minerals and infrastructure.
Kazakh President Kassym-Jomart Tokayev announced the move during talks with South Korean President Lee Jae Myung in Seoul on 15 September, signalling a push to deepen economic ties between the two countries.
The partnership is expected to focus not only on boosting trade, but also on expanding joint production and investment.
A series of agreements signed at a Kazakhstan-South Korea business roundtable in Seoul covered gas processing, oil and gas, critical minerals and infrastructure. Tokayev also outlined projects Kazakhstan is seeking to develop with foreign investors.
The two countries already have 51 joint projects worth more than $4 billion, with automotive manufacturing, mechanical engineering and metallurgy among the largest sectors.
Around 170,000 vehicles were produced in Kazakhstan last year, but Astana is now seeking to increase domestic component production and gradually move towards a full manufacturing cycle.
That effort will require deeper cooperation with companies that already have experience in Kazakhstan. Hanwha Group, which has operated in the country for almost 30 years, is involved in artificial intelligence, digital infrastructure, energy and high-tech manufacturing.
Tokayev invited the group to consider new projects in Kazakhstan that could serve both the domestic market and the wider region.
Alatau City, a new urban development in the Almaty region, also featured prominently in the talks. Kazakhstan is seeking South Korean participation in the project, with Tokayev stressing that foreign investors would receive legal protection.
“Our plans are very ambitious. In particular, we discussed in detail the further development of the Alatau City project. This is indeed a very important project to which we attach great significance. Provisions concerning the status of the city have been incorporated into the Constitution. Korean companies will be provided with all legal guarantees,” Tokayev said.
Seoul’s interest in closer economic ties goes beyond individual investment projects. Lee described Kazakhstan as an important partner for South Korea’s economic security, pointing to its energy and natural resources as well as opportunities in high-tech industries.
“The country is not only rich in energy and natural resources, but also has significant potential in promising high-tech industries. We are ready to contribute to the modernisation of Kazakhstan’s industry through our advanced industrial and digital technologies,” Lee said.
Both governments are aiming to double bilateral trade, but the Seoul talks indicate that investment and production are becoming increasingly important pillars of the relationship.
More than 1,000 companies with South Korean capital already operate in Kazakhstan, while a proposed cooperation programme running through 2030 could provide a longer-term framework for new projects.
U.S. President Donald Trump has again said Iran is keen to reach a deal quickly, but a senior Iranian security official rejected the claim, saying ...
Kazakhstan and South Korea have agreed to upgrade relations to a comprehensive strategic partnership, as the two countries discuss nearly $19 billi...
A Danish military helicopter came within “metres” of being struck by flares fired by a Russian warship, Denmark's Defence...
Maritime trackers received new reports of an attack on a ship in the Strait of Hormuz on Sunday, according to the UK Maritime Trade Operations (UKMTO), adding to concerns about energy supplies after Saudi Arabia shut down a vital oil pipeline on Saturday.
U.S. Central Command said 101 commercial vessels have been redirected in the Strait of Hormuz, while oil prices rose more than three per cent amid fresh regional attacks and supply concerns.
A Russian strike on a farm warehouse in Pryluky, north-central Ukraine, has killed at least three people, local police said. Meanwhile, EU foreign policy chief Kaja Kallas said an attack on a train near the Polish border was an attempt to intimidate Ukraine's allies.
U.S. President Donald Trump has again said Iran is keen to reach a deal quickly, but a senior Iranian security official rejected the claim, saying Tehran will not negotiate until its conditions are met.
A Danish military helicopter came within “metres” of being struck by flares fired by a Russian warship, Denmark's Defence Minister Jeppe Bruus said on Tuesday. Russia accused Denmark of carrying out “dangerous manoeuvres” near its ship, and said it was investigating the incident.
The opening day of the 24th Arab Media Summit in Dubai highlighted how geopolitical, economic and technological upheaval is reshaping not only the region, but the media industry itself.
Georgia's move to comply with U.S. sanctions on Iranian airlines has sparked a diplomatic exchange with Tehran, as Tbilisi faces growing scrutiny in Washington over its ties with Iran, Russia and China.
Pakistan’s courts have temporarily blocked the expulsion of Afghan medical students, allowing dozens to continue their studies as Islamabad presses ahead with its wider Afghan repatriation drive amid tensions with Kabul.
Syria says it has taken major steps to resolve long-running concerns over its nuclear programme, marking what officials describe as the beginning of a new phase of cooperation with the International Atomic Energy Agency (IAEA).
Georgia has been formally integrated into the European Union's Trans-European Transport Network (TEN-T), bringing Anaklia Deep-Sea Port, Georgian Railway's main line and the East-West Highway into the network's expanded framework.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment