Mu-hyeop, '30th Anniversary of Diplomatic Relations' Korea-Kazakhstan Business Forum Held

"Discussion on Cooperation in Resource Development and Bio-Pharmaceutical Sectors"

At the 'Korea-Kazakhstan Business Forum' held by the Korea International Trade Association on the 15th, Kim Hyun-chul, Head of the Global Cooperation Division at KITA, delivers the opening address. (Photo by KITA)

[Asia Economy Reporter Moon Chaeseok] The Korea International Trade Association announced on the 15th that it held the 'Korea-Kazakhstan Business Forum' online to commemorate the 30th anniversary of diplomatic relations with Kazakhstan. The purpose was to discover new areas of economic cooperation between the two countries.

Kazakhstan is a country rich in energy resources such as oil, natural gas, and uranium. It also has large deposits of minerals including rare earth elements, which have recently emerged as an economic security issue, as well as iron ore, chromium, and zinc. Having experienced the COVID-19 pandemic, Kazakhstan is pursuing policies to expand the domestic production of pharmaceuticals, making it a country expected to cooperate with Korean companies that have strong competitiveness in the bio and pharmaceutical sectors.

On this day, Kazakhstan was represented by Samruk-Kazyna Invest, a sovereign wealth fund; Tau-Ken Samruk, a mineral research and mining development company; and Samruk-Kazyna Pharmacy, the sole distributor of pharmaceuticals and medical devices. On the Korean side, participants included the Korea Institute of Geoscience and Mineral Resources, the Korea Health Industry Development Institute, and professors from the Department of Eurasian Studies at Kookmin University, discussing cooperation plans and prospects in the mining and bio-pharmaceutical sectors between the two countries.

Daniyar Mirzakhmetov, Head of Business Development at Tau-Ken Samruk, who presented on "The Current Status of Kazakhstan's Mining Industry and Investment Opportunities," said, "Tau-Ken Samruk is a state-owned mining company with a diverse mining portfolio including gold, silver, copper, zinc, and polymetals," adding, "Based on Tau-Ken Samruk's expertise in local legal systems and geological environments, we will be a reliable partner for Korean companies."

Park Seong-ho, Team Leader of the Pharmaceutical Bio Global Team at the Korea Health Industry Development Institute, who presented on "Cases and Prospects of Bilateral Cooperation in the Bio and Pharmaceutical Sectors," advised, "Considering the cases of Korean companies entering the local market and Kazakhstan's demand so far, improved new drugs are expected to be more promising than generic drugs in the future," and added, "Signing partnership agreements with influential local agents and supplying products can reduce risks."

Kim Hyun-chul, Head of the Global Cooperation Division at the Korea International Trade Association, said, "So far, economic cooperation between the two countries has been centered on manufacturing, infrastructure, and construction, but I hope that this forum will expand the scope of economic cooperation between the two countries."

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