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South Korea is one of the top investors in Kazakhstan

31 august 2011, 19:01
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Flags of Kazakhstan and South Korea. Photo courtesy of flickr.com
Flags of Kazakhstan and South Korea. Photo courtesy of flickr.com
Kazakhstan President Nursultan Nazarbayev met with the President of South Korea Lee Myung-bak on August 25, Tengrinews.kz reports.

Nursultan Nazarbayev congratulated Korean people on the recent Korea Liberation Day. He noted that significant advancement in relations between Kazakhstan and Korea has taken place in the last three years. The presidents have already met 5 times in this period.

“We managed to solve many joint issues. Thanks to that, commodity turnover has increased by almost 50 percent in the last year. 300 joint companies have been founded, including Hyundai and SsangYong assembling factories, and Highvill residential construction company,” Nursultan Nazarbayev said and added that South Korea invested over $4 billion to Kazakhstan. As per the President, Korea is currently one of the top investors in Kazakhstan.

President of Korea Lee Myung-bak noted that significant improvement of the relationship between the two countries is an achievement of Nursultan Nazarbayev. “In the last years Kazakhstan has been demonstrating high pace of economic growth even during the global crisis. Kazakhstan is also hosting major international events. I congratulate Kazakhstan on the 20th anniversary of independence. During this period Kazakhstan has achieved the biggest success compared to other countries,” Lee Myung-bak said.

Agreement between Kazakhstan and Korea on development of financing, engineering, construction, exploitation, technical maintenance of Balkhash Thermal Power Plant; memorandum on financing of the second stage of construction of gas chemical complex in Atyrau oblast; agreement on creation of a joint company for implementation of the second stage of construction of gas chemical complex in Atyrau oblast; agreement on creation of Korean-Kazakh center for technological cooperation were signed after the negotiations.

According to the President’s press-service, second stage of the project of gas chemical complex provides for production of 800 thousand tons of polyethylene a year. Its cost is estimated at $4.3 billion. Preliminary cost of construction of Balkhash Thermal Power Plant is $2.3 billion.

Major Kazakhstan-Korean projects include construction of four satellite towns in Almaty. Its cost is evaluated at $20 billion. It is expected that the first satellite town Gate city will be located in Koyankus residential area at the area of 168 hectares (3 km north of Almaty). Construction cost is estimated at over 126 billion tenge ($857 million) for 2009-2032. The residential area will include over 600 thousand square meters economy-class housing (for 24 thousand residents). The project includes 4 kindergartens, a school, hospital and mall.

According to Kazakhstan, commodity turnover between the two countries in the first six months of 2011 made $396.3 million. In 2010 it was $760.1 million.

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