Korea-Kazakhstan Strengthen Economic Cooperation in Automobiles, Plants, and Resources

[Sejong=Asia Economy Reporter Kwon Haeyoung] South Korea and Kazakhstan have agreed to strengthen economic cooperation in the fields of automobiles, plants, and resources.

The Ministry of Trade, Industry and Energy announced on the afternoon of the 17th that it attended the 'Korea-Kazakhstan Business Round Table' held at Lotte Hotel Seoul as a representative of the Korean government to discuss these matters. This event is the first state-invited economic event held since COVID-19 and was arranged to coincide with the state visit of Kazakh President Kassym-Jomart Tokayev.

On the Kazakh side, 22 government officials and businesspeople attended, including President Tokayev, Deputy Prime Minister of Economy Sklyar, Chairman of the Sovereign Wealth Fund Samruk-Kazyna, and CEO of Baiterek. On the Korean side, 22 government officials and businesspeople, including Minister of Trade, Industry and Energy Moon Seung-wook and Chairman of the Korea International Trade Association Koo Ja-yeol, were present. Businesspeople from both countries discussed business issues, challenges, and economic cooperation plans in various fields such as electronics, plants, healthcare, finance, and consumer goods.

In particular, both sides signed 23 memorandums of understanding (MOUs) in various areas including ▲establishing a Korea-Kazakhstan private economic cooperation channel ▲strengthening cooperation in the automobile industry ▲plant cooperation such as alloy steel factories ▲joint response to overcome COVID-19 ▲resource cooperation for future industries such as nickel and cobalt.

Minister Moon Seung-wook stated, "Based on the new economic cooperation program 'Fresh Wind' agreed upon at the summit in April 2019, the two countries have created substantial economic cooperation achievements across comprehensive fields including industry, resources, energy, science and technology, healthcare, and transportation infrastructure," and he urged, "Our companies should continue to strive to strengthen mutually beneficial economic cooperation between the two countries based on the mutual trust and cooperation experience accumulated with Kazakh companies."

Additionally, Minister Moon announced that he would hold the '10th Economic Joint Committee' with Kazakhstan to review and support the implementation of the new economic cooperation program.

Chairman Koo Ja-yeol of the Korea International Trade Association emphasized, "Since establishing diplomatic relations in 1992, the two countries have enhanced their friendly cooperative relationship based on active summit diplomacy and private cooperation," and added, "We must continue to build a dynamic relationship and jointly create new growth engines."

This content was produced with the assistance of AI translation services.