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The trade and economic relations of Almaty and South Korea will be strengthened
31 july 2019

The akim of Almaty, Bakytzhan Sagintayev met with the Consul General of the Republic of Korea, Kim Hyng Su, in Almaty. The current state and opportunities for the development of trade and economic relations, strengthening cultural and humanitarian ties were discussed during the meeting.

The President of Kazakhstan K.K. Tokayev,  placed a task of increasing the investment attractiveness of the regions. South Korea is one of Kazakhstan's 12 largest trading partners. The volume of South Korean investments in the economy of Kazakhstan over the past 10 years (2008-2017) amounted to more than 4.5 billion US dollars.

There are 320 enterprises in Almaty with the participation of South Korean capital in the fields of trade, medicine, construction, telecommunications.

B. Sagintayev noted the important role of the Representative Office of the Korean Trade and Investment Agency (KOTRA), opened in Almaty, in strengthening business contacts. During the 5 months of this year, turnover growth compared to the same period last year amounted to 5.5%.

The akim of Almaty emphasized that a service economy independent of oil has developed in the city. Almost half of the volume of wholesale trade falls on Almaty.

About 40% of the economy is made up of small and medium-sized businesses, where 7 out of 10 Almaty residents are employed.

Almaty as a financial and economic center of the country has a high investment attractiveness. The city has more than 185 thousand SMEs, the Industrial Zone and the SEZ “PIT” are operating, there are a number of preferences and benefits for investment projects. In April of this year, the Hyundai plant construction started in the Industrial Zone.

Cooperation is developing in the field of infrastructure and transport. Last year, the construction of The Great Almaty Ring Road was launched, which will include Almaty in the system of "Western Europe - Western China". South Korean companies SK Group, Korea Expressway Corporation will also take part in the construction. In addition, a contract was signed between Hyundai Rotem and the Almaty Metro for the supply of electric rolling stock.

The head of the city also dwelled on issues of cooperation in the field of healthcare and strengthening interaction in the cultural and humanitarian sphere.

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