During the first business summit between Central Asia and South Korea, Kazakhstan’s President Kassym-Jomart Tokayev proposed the establishment of a comprehensive portfolio of investment projects focused on critical materials. These projects would encompass the entire value chain, from geological exploration and extraction to deep processing and production. This initiative aims to strengthen economic ties between Kazakhstan and South Korea, with the Kazakh government pledging to oversee the implementation of these projects.
Tokayev announced that approximately 80 commercial agreements worth around $19 billion were signed during his visit to South Korea. He emphasised that these agreements are not mere intentions but concrete plans, with the government committed to ensuring timely execution. Critical materials, including copper, chrome, and titanium, are identified as strategic resources by South Korea, and Tokayev highlighted the potential for collaboration in this sector.
In addition to critical materials, Tokayev invited South Korean companies to participate in the development of the Trans-Caspian International Transport Route, which has seen significant growth in container traffic. The Kazakh government plans to increase the route’s capacity from 6 million to 10 million tonnes over the next two years, creating a dedicated portfolio of infrastructure projects for South Korean investors.
Another initiative discussed was the establishment of a Centre for Advanced Technologies, potentially based at Alem.ai in Astana. Tokayev noted the launch of two supercomputers in Kazakhstan and the ongoing project to create a data centre valley with a capacity of one gigawatt.
Tokayev pointed out that Kazakhstan accounts for approximately 60% of Central Asia’s total GDP and about 70% of foreign direct investment inflows into the region. The combined GDP of Central Asian countries and South Korea approached $550 billion last year, with growth rates exceeding 6%. This strategic partnership aims to enhance economic cooperation and drive sustainable development in both nations.
