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Astana, Kazakhstan • 03 March 2023

Kazakhstan and South Korea to Extend Joint Program for Economic Development

Investment projects include construction of Hyundai plant in Almaty

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gov.kz
gov.kz

The ministry of industry and infrastructural development of Kazakhstan and the ministry of trade, industry and energy of South Korea discussed the possibility of extending the joint economic development program called Fresh Wind, QazMonitor reports.

Launched in 2019, the Fresh Wind economic program aims to promote cooperation in various fields – trade and economy, SMEs, industry, resources and energy, innovation, transportation infrastructure, logistics, and healthcare. The program was expected to be a three-year cooperation from 2019 to 2022.

During the meeting, the sides held talks on fostering a long-term mutually beneficial cooperation between the two countries and attracting Korean investors for joint implementation of investment projects in Kazakhstan.

The ministry’s representative, vice-minister Dinara Shcheglova highlighted a couple of successful projects realized under the program.

“In particular, the construction of a Hyundai car manufacturing plant in Almaty, as well as the implementation of a memorandum of cooperation between the Khorgos-Eastern Gate special economic zone and Busan port authority,” said Shcheglova.

She also noted that as part of this program, the national company Kazakh Invest is currently working on the construction of modular greenhouses in the North Kazakhstan region.

Joohyeon Baik, the advisor to the program’s project manager, stressed the untapped cooperation potential between the two countries and voiced mutually beneficial proposals in the areas of industry, mining and geology, and road construction.

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