ASTANA — Kazakhstan is poised to advance its trade and economic partnership with South Korea, and the government is ready to implement high-level agreements swiftly, said Prime Minister Olzhas Bektenov during his June 13 meeting with South Korean President Yoon Suk Yeol.
Prime Minister Olzhas Bektenov during his June 13 meeting with South Korean President Yoon Suk Yeol. Photo: Prime Minister’s press service
“Kazakhstan sees great prospects in the development of trade and economic partnership. To ensure the dynamic development of bilateral cooperation, the government is ready to immediately begin the practical implementation of all agreements reached at the highest level,” stated Bektenov, according to the Prime Minister’s press service.
The country is keen on collaborating with South Korea on projects in energy, rare earth metals processing, infrastructure development, automotive production, and efficient water resource management. The government focuses on diversifying its economy by developing the manufacturing sector.
Automotive industry advancements and waste management
South Korean investments have already spurred significant growth in Kazakhstan’s mechanical engineering sector. Establishing automotive clusters and production facilities for Hyundai, KIA, and Daewoo Bus Global vehicles exemplifies this progress. Plans include producing car seats and multimedia systems, with an eye toward manufacturing batteries for electric vehicles using South Korean technology. Bektenov emphasized the importance of this cooperation in training Kazakh personnel to boost the automotive industry.
The two nations also aim to exchange technology and collaborate on projects in priority sectors. One promising area for cooperation is constructing a waste processing plant to improve waste management practices. The metallurgical industry will benefit from the joint production of ferroalloys and the mining and processing of rare earth metals, which will then be exported to South Korea.
Expanding hydrogen energy and aviation
Hydrogen energy is also on the agenda for collaboration. Plans are underway to localize elevator equipment production to enhance construction site safety. In aviation, new passenger air routes are being considered to strengthen cultural and business connections, a necessity driven by the doubling of Korean tourists to Kazakhstan over the past year.
Kazakhstan has a specialized working group on cooperation with South Korea that manages several promising projects. These include the construction of a new Lotte confectionery factory in Almaty, producing Samsung household appliances in Karaganda, and the manufacturing of Hi Air Korea oil and gas equipment in Almaty.
