Kazakhstan and South Korea will develop a comprehensive trade, economic and investment cooperation programme for 2027-2030. President Kassym-Jomart Tokayev announced the initiative in Seoul on September 16, following commercial agreements worth approximately $19 billion.
Tokayev addressed the First Korea-Central Asia Business Summit. He pledged government support for Korean businesses and close oversight of project implementation.
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He said Kazakhstan accounts for around 60 percent of Central Asia’s combined GDP. It also attracts approximately 70 percent of the region’s foreign direct investment inflows.
Investment incentives and project delivery
“These figures reflect our country’s significant contribution to the economic development and overall prosperity of Central Asia. During my visit, around 80 commercial agreements worth approximately $19 billion were signed between Kazakhstan and Korea. These are not merely declarations of intent or, as is often said today, 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 comprehensive support to Korean businesses to ensure the effective implementation 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 also like to emphasize that we are consistently improving the investment climate and creating the most favorable conditions for foreign investors. One important step in this direction was the introduction of the Altyn Visa programme, which provides benefits to investors implementing projects in our country. I believe that Korean entrepreneurs and Korean businesses as a whole will make active use of the incentives provided,” the Head of State said.
Industrial cooperation takes priority
Tokayev identified deeper industrial cooperation as a leading priority. He highlighted vehicle manufacturing and called for greater localisation.
“Kazakhstan and Korea are currently implementing 51 industrial projects worth more than 4 billion. Last year, more than 170 thousand vehicles were produced in our country, representing growth of nearly 18 percent. The Hyundai and Kia plants made a significant contribution to this achievement. This provides a solid foundation for our further efforts aimed at increasing localization and producing high-tech goods with high added value. As for the localization process, I am closely monitoring it. Of course, this is not a matter that can be resolved overnight, but we need to continue moving forward consistently in this direction,” Kassym-Jomart Tokayev said.
Energy and minerals broaden cooperation
The visit also brought agreements beyond manufacturing. On September 15, the two countries signed a memorandum on peaceful nuclear energy cooperation.
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Tokayev and South Korean President Lee Jae Myung also explored closer ties in critical minerals, trade and artificial intelligence. Other cooperation documents covered crude oil and science and technology. These discussions added energy and technology priorities to the expanding economic relationship.
Tokayev had earlier reaffirmed Kazakhstan’s readiness to expand cooperation with South Korea.
