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South Korea will invest over $7 billion in Kazakhstan projects

29 march 2012, 16:50
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Photo by Yaroslav Radlovskiy©
Photo by Yaroslav Radlovskiy©
South Korea will invest over $7 billion in investment projects of Kazakhstan, Tengrinews.kz reports citing press-service of National Export and Investments Agency KAZNEX INVEST.

"During the business meeting Kazakhstan Minister of Industry and New Technologies Asset Issekeshev and Korean Ministry of Knowledge Economy Hong Suk-woo signed 10 agreements on investment projects worth over $7 billion. The projects include construction of gas-chemical complex in Atyrau oblast, creation of R&D centers, production of cross-linked polyethylene foam, as well as projects in power energy, engineering, construction and consulting," the company stated.

The event was held as part of the visit of Kazkahstan President to Korea. The forum was attended by over 100 representatives of major South Korean companies, including such industrial giants as POSCO, LG, Woolim Construction, LOTTE, Samsung, Hyundai, SK C&C, Kepco, KOLON.

"Considenting the agreements signed today in oil chemistry sector, Korea is becoming the investor No.1 under the state-run Program of Accelerated Industrial-Innovative Development of Kazakhstan. Thanks to the powerful foundation made by the presidents of our countries and their constant support to business communities of both countries, the relations between our countries are on a very high level," Asset Issekeshev said.

The event also included the second meeting of Kazakhstan-Korean business council established in the beginning of this year. The council is called to help identify joint investment projects and accumulate information on problematic issues and opportunities for expansion of interaction between business representatives of both countries.

The commodities turnover between Kazakhstan and Korea made $901.2 million in 2011. This is 18 percent more than in 2010. Direct investments from South Korea made almost $4 billion in the last 19 years.

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