Not empty papers, but concrete plans - Tokayev on $19 billion agreements with Korea

Tengrinews.kz — President Kassym-Jomart Tokayev has stated that agreements worth approximately $19 billion signed between Kazakhstan and South Korea must be translated into concrete business projects. According to the President, the deals involve about 80 commercial agreements.
The President noted that Kazakhstan accounts for about 60 percent of Central Asia's total GDP and approximately 70 percent of foreign direct investment inflows into the region.
Central Asia – Republic of Korea Business Summit. Photo: Akorda Press Service

"These figures reflect our country's significant contribution to the economic development and general prosperity of Central Asia. During my visit, about 80 commercial agreements worth approximately $19 billion were signed between Kazakhstan and Korea. These are not merely declarations of intent or, as they say nowadays, empty pieces of paper, but concrete plans. In any case, the Government of Kazakhstan will closely monitor the timely implementation of the relevant business projects. The Government of Kazakhstan will provide all possible support to Korean businesses for the high-quality execution of joint projects. To this end, a Comprehensive Program for Trade, Economic, and Investment Cooperation between Kazakhstan and Korea for 2027–2030 will be developed. I would like to specifically note that we are consistently improving the investment climate and creating the most favorable conditions for foreign investors. One important step was the introduction of the Altyn Visa program, which provides benefits for investors implementing projects in our country. I believe that Korean entrepreneurs and the Korean business community as a whole will actively utilize these preferences," the Head of State said at the Central Asia – Republic of Korea Business Summit.

In his speech, the President outlined key areas with significant potential for joint projects. The first priority mentioned was the deepening of industrial cooperation.
Central Asia – Republic of Korea Business Summit. Photo: Akorda Press Service
"Kazakhstan and Korea are currently implementing 51 industrial projects worth over $4 billion. Last year, our country produced more than 170,000 vehicles, an increase of almost 18 percent. Hyundai and Kia plants made a major contribution to this. This is a solid foundation for our further work aimed at increasing localization and producing high-tech products with high added value. Regarding the localization process, I am monitoring it closely. Of course, this is not a matter of one day or one night, but we must constantly move forward in this direction," Kassym-Jomart Tokayev suggested.
The Head of State emphasized the importance of developing partnerships in the field of critical materials. According to him, Kazakhstan possesses rich deposits and fields of critical minerals and rare earth metals.

"We produce copper, chromium, titanium, and many other elements that the Korean government has identified as priority strategic resources. Given Korea's advanced technological expertise, we propose forming a pool of targeted full-cycle investment projects for geological exploration, extraction, deep processing, and the production of critical materials," the President noted.

Kassym-Jomart Tokayev believes that expanding transport connectivity is of particular relevance. In his view, Central Asia's unique geographical location opens up significant opportunities for strengthening the transport and logistics connectivity of the entire Eurasian continent.
Central Asia – Republic of Korea Business Summit. Photo: Akorda Press Service
"The Trans-Caspian International Transport Route, a substantial part of which passes through the territory of Kazakhstan, plays an important role in this. Currently, this route accounts for about 85 percent of all land transport between Asia and Europe. Last year, container traffic along the Middle Corridor grew by 36 percent, and based on the results of the first eight months of this year, significant growth of 18 percent has also been recorded. Over the next two years, we plan to increase the route's capacity from 6 to 10 million tons. We invite Korean companies to take an active part in the development of infrastructure projects along this route. To this end, the Government of Kazakhstan will form a portfolio of investment projects for Korean partners," the Head of State announced.
The President pointed to great opportunities related to strengthening cooperation in the field of artificial intelligence and digital technologies. He stated that Kazakhstan is making efforts to develop successfully in this direction.

"Our country has established a dedicated ministry, opened the Alem.ai international center, and launched two supercomputers. This year has been declared the Year of Digitalization and Artificial Intelligence in Kazakhstan, providing a significant boost to the industry. We are implementing several flagship initiatives, including the construction of a 'Data Center Valley' with a capacity of one gigawatt. Human capital and scientific potential are being strengthened. The country's first specialized institution, Qazaq AI Research University, has begun operations. To elevate our technological partnership to a fundamentally new level, we propose establishing a 'Central Asia – Korea' Center for Advanced Technologies, potentially based at Alem.ai in Astana," said Kassym-Jomart Tokayev.

A separate section of the speech focused on agriculture. The Head of State reported that Kazakhstan harvested a record grain crop of approximately 27 million tons last year.

"Exports of agro-industrial products reach over 70 countries, totaling $7 billion. Kazakhstan possesses vast land resources, while Korea is a recognized leader in high-efficiency, high-tech agriculture. We propose combining our competitive advantages to create a joint food industry cluster focused on the production, deep processing, and export of goods to international markets. Kazakhstan offers Korean companies more than just a sizable market; we provide extensive opportunities for manufacturing, technology implementation, and access to Eurasian markets. This will open new prospects for Korean business and deliver a genuine multiplier effect for the entire region," the President of Kazakhstan stated.

Kassym-Jomart Tokayev noted that the economic success of the region is inseparable from the sustainable development of each individual country.

"Strengthening Central Asia's connectivity will allow us to fully unlock its collective economic potential, create new opportunities for international business, and provide additional momentum for large-scale joint projects. I am confident that deepening cooperation with the Republic of Korea—one of the world's technological and economic leaders—will accelerate the achievement of these goals," the Head of State concluded.

Earlier, Tokayev noted that close trade and economic ties, along with the development of transport cooperation, enhance Central Asia's investment attractiveness. According to him, combining the region's resources with Korea's industrial, technological, and financial capabilities opens broad prospects for collaboration.