NUR-SULTAN – Kazakh Invest and a variety of Korean companies signed memorandums for $113 million in investment projects during the April 22 Kazakh-Korean Investment Forum in the capital.
The projects cover a number of fields. K2AT will invest in plant construction to desalinate Caspian Sea water, produce organic fertilisers, begin smart farming near the Aral Sea and build a research and development technology park. The projects will create more than 2,000 jobs.
Telecommunications company OKPOS KZ is planning to develop and supply point of sale (POS) systems. MAIN INFO will develop the high-tech market, including artificial intelligence and unmanned vehicles.
Woori Financial Group, a Seoul-based banking and financial services holdings company, will cooperate with Kazakh Invest to create closer commercial ties between the countries and their businesses. Its subsidiary, Woori Bank, is one of South Korea’s largest banks.
“Currently, 42 investment projects involving Korean companies totalling $4.8 billion are at various stages of development, of which 20 projects worth $2.4 billion have already been implemented. Among the largest projects of such companies are LG Electronics, Kolon, Dongil Construction, KNOC, Lotte Confectionery and others. Another six projects worth $2 billion are at the implementation stage and 16 projects worth $670 million are being developed,” said Kazakh Invest Deputy Chairperson Rustam Issatayev.
Kazakhstan seeks to provide a favourable investment climate with a simplified tax regime, extended package of investment preferences, constantly improving legislation and reducing bureaucracy. The World Bank ranked Kazakhstan 28th out of 190 countries in its 2019 annual Doing Business Report.
The investment forum marked the 10th anniversary of the Kazakh-Korean strategic partnership. South Korean President Moon Jae-in and Kazakh President Kassym-Jomart Tokayev signed a wide-ranging joint statement between the countries during the former’s April 21-23 state visit to Kazakhstan.
Kazakh Invest, formerly known as Kaznex Invest, operates on the one window principle that provides a full range of services to support investment projects from idea to implementation, as well as in the post-investment period. It acts as a single coordinating centre for the nation’s special economic zones.