Trade turnover between Kazakhstan and South Korea exceeds US$700 million
The trade turnover between Kazakhstan and South Korea exceeded US$700 million over the five months of 2021. Now the governments and businesses of the two countries are set to increase the trade volume significantly. South Korea is one of the five major trade partners of Kazakhstan. To date, the latter exports to South Korea oil and petrochemicals, ferroalloys, items made of titanium and steel. South Korea, in turn, supplies bodies and other parts for cars and tractors, wagons, makeup and other goods to Kazakhstan. South Korea enters the top 10 largest investors for the country. In numbers, this figure exceeds US$6 billion.
“There are such industries as mechanical engineering, instrument making and metallurgy, which are quite metal-intensive. Kazakhstan and South Korea could cooperate in the development of localization of production on the territory of Kazakhstan. In this sense, we have several projects, for example in the development of aluminum products for the automotive industry,” said Aibek Sagynayev, Export Promotion Project Manager at “Qaztrade” Trade Policy Development Center.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova