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Kazakhstan and South Korea to establish 'technology for resources' cooperation 19 июня 2014, 19:40

Nursultan Nazarbayev declared that Kazakhstan and South Korea agreed to create a joint investment fund and transfer Korean technologies to Kazakhstan.
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© Turar Kazangapov © Turar Kazangapov

Kazakhstan and South Korea will create a joint investment fund and set up a "technology for resources" exchange, Tengrinews correspondent reports from today's Kazakh-Korean business forum in Astana citing Kazakhstan’s president Nazarbayev.

“Kazakhstan has an enormous amount of resources for enterprises to work with. This is why we were talking about setting up a join investment fund and a joint new technologies research center. This will have a great impact on both of our countries,” Nazarbayev said at the forum.

“We sincerely want to cooperate with you. And this cooperation will be beneficial for your country. Together with the president of South Korea we have reached new agreements today. We would like to bring our relations to a new level, both political and economic. Transferring South Korea’s traditional industries to our territory promises mutual benefits. Korea is currently focusing on an entirely new level of technologies and engineering, whereas the traditional technologies can be transferred to Kazakhstan," President Nazarbyaev said.

He explicitly speficfied the kind of partnership he meant for Kazakhstan and South Korean to have: "Both countries have confirmed their interest in establishing a "technologies in exchange for resources" cooperation," he said. 

The Korean president Park Geun-hye was also supportive of the prospects of cooperation with the Central Asian nation: “I hope that Kazakhstan and Korea will together play a key role in dawning an era of peaceful and prosperous Eurasia,” she said. 

The participants of the forum gathered to discuss cooperation in tourism, education, transport and logistics, agriculture, food industry, banking, pharmaceuticals, energy and innovations. There are 818 enterprises with South Korean participation in Kazakhstan, and the trade turnover between the countries has reached $1.5 billion.

According to Nazarbayev, there are currently 15 major Kazakh-Korean joint projects totally worth $22 billion, and 8 more are in the making.

Seven bilateral agreements are going to be signed during the business forum. One of them is the agreement between Kazakhstan's national geological exploration company Kazgeologiya and South Korean national corporation Korea Resources Corporation. The agreement deals with cooperation in polymetals exploration project at Dyusembai site in Karaganda Oblast. $2 million will be invested into exploration during the first phase. 

Nazarbayev welcomed Korea to ship its freights via the Western Europe-Western China transport corridor, a large-scale road construction project that will be completed next year. "It will be the main artery between Europe and Asia reaching the Pacific via China. It will become a symbol of revival of the Great Silk Road," Nazarbayev said.

Nazarbayev asserted that Kazakhstan was a good starting point for investors interested in the markets of the Eurasian Economic Union and Central Asia.

Reporting by Assel Satayeva, writing by Dinara Urazova, editing by Tatyana Kuzmina


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