OREANDA-NEWS. May 14, 2008.  “In the economic realm relations between our two nations have been dynamic. This year we need a new impulse enabling us to take a step forward in economic development. This business forum will be a true lever to encourage further development of the economy and bring our cooperation to new heights”, said Kazakhstan’s Prime Minister Karim Massimov when opening the forum, reported the Official website http://en.government.kz. 

Astana-based Rixsos Hotel hosts a Kazakhstan-South Korea business forum.

“In the economic realm relations between our two nations have been dynamic. This year we need a new impulse enabling us to take a step forward in economic development. This business forum will be a true lever to encourage further development of the economy and bring our cooperation to new heights”, said Kazakhstan’s Prime Minister Karim Massimov when opening the forum.

According to Prime Minister Han Seung-soo of South Korea, Kazakhstan is the most important trade partner of South Korea in Central Asia and the business forum will be a starting point for strategic cooperation in energy, communications and other sectors. South Korea is ready to share its experience and contribute to Kazakhstan’s economy development through expanding investments.

South Korea is a major trade-and-economic partner of Kazakhstan. According to Kazakhstan’s Agency for Statistics, bilateral trade turnover in 2007 totaled USD 843,3 million (exports stood at USD 217,4 million and imports USD 625,9 million). Korean companies are interested in finding partners in such sectors as energy, oil and gas, petrochemistry, construction, financial services, logistics, etc.

In Kazakhstan there are over 300 joint ventures operating with Korean capital. According to the Kazakh National bank, Korean businesses invested USD 780,7 million into the Kazakh economy in 2007 alone (the total South Korean investment into the Kazakh economy stands at USD 2,5 billion). Kazakh investments into the Korean economy made up USD 66,7 million.

The forum was attended by over 120 Korean businessmen and about 200 Kazakhstan’s entrepreneurs.