The VI meeting of the Kazakhstan-Korean Business Council was held on July 20 in Astana city which aimed at strengthening business ties between countries and establishing direct contacts between business communities.
Kim Dae Sik, Extraordinary and Plenipotentiary Ambassador of the Republic of Korea to Kazakhstan and Yerlan Khairov, Vice Minister for Investments and Development of Kazakhstan delivered a welcome speech to the participants of the meeting.
The meeting was opened by the co-chairmen of the Business Council - from Kazakhstani side Almassadam Satkaliev, Chairman of the Board of “Samruk-Energy” JSC and from the Korean side - Mr. Shin Sang Ho, President of “Kolon World Investment”.
Representatives of business entities were acquainted with the investment climate in Kazakhstan, prospects for cooperation in the field of support of alternative energy sources and the development of joint projects in the course of panel sessions. The parties discussed relevant aspects of mutually beneficial cooperation and the possibility of implementing new projects in various sectors.
Representatives of “Kazakh Invest”, KPPF (subsidiary of NMHC Baiterek) spoke about activities aimed at supporting investors, preferences given and improvement of Kazakhstan's investment climate. In turn, the Korean side presented various solutions in the field of cargo transportation and IT-technologies.
During "Renewable Energy" panel session the participants expressed their views on relevant issues of the sector development. For example, one of the constraints include monopolization of emissions trading. The view was expressed that there was a need to establish a separate dedicated ministry for environmental protection and synchronization of legislative framework with OECD. Approaching the OECD standards facilitates the entry of Kazakhstan into 30 developed countries of the world.
Bakhyt Esekina, Head of SREC "Green Academy" spoke about the trends in decarbonization of the economy in the context of implementation of the Paris Climate Agreement, which were included in the collective monograph "The Strategy for Transition of the Republic of Kazakhstan to Low-Carbon Development in the Context of Globalization: Potential, Priorities and Implementation Mechanisms". Azimkhan Satybaldin, Director of the Institute of Economics of the Science Committee under the Ministry of Education and Science of the Republic of Kazakhstan, academician of the National Academy of Sciences of the Republic of Kazakhstan, highlighted main tasks and directions of transition in accordance with the Concept of development of energy industry of the Republic of Kazakhstan until 2030 in his speech. Representatives of companies, Renewable Energy Association of Kazakhstan also spoke about their experience and contribution to the development of the green economy.
Participation in the meeting of the Business Council provides an opportunity to use the dialogue platform for attracting investments, making suggestions, recommendations and discussing problematic issues with business communities of Korea.
South Korea is a major foreign trade strategic partner of Kazakhstan. The volume of trade turnover between the countries for 2016 reached 677 million US dollars. The total volume of investments of the Republic of Korea to Kazakhstan amounted to 9 billion US dollars; about 200 joint ventures have been established and operate.
Kazakhstan-Korean Business Council (hereinafter - the KKBC) was established in 2012. The KKBC is a coordinating and advisory body the main goal of which is to develop economic cooperation between Kazakhstani and Korean companies. The KKBC provides support for the implementation of strategically important investment projects.
The KKBC was founded by the Chamber of Commerce and Industry of the Republic of Kazakhstan and the Federation of Korean Industries which on April 22, 2010 signed the Agreement on the establishment of the Business Council.
The fifth meeting of the KKBC took place on November 10, 2016 in Seoul during the official visit of the head of state N.Nazarbayev.
Mr. Shin Sang Ho, Managing Director of Kolon World Investment was appointed in October 2016 as the new Co-Chairman of the Kazakhstan-Korean Business Council from the Korean side. In the Republic of Kazakhstan, Kolon Group operates through its subsidiary Kolon World Investment Co. Ltd". Currently, the Kolon group of companies includes 38 local enterprises, as well as a network of subsidiaries from 21 companies and 22 offices in 18 countries.
The federation of Korean Industries (FKI) was founded in 1961. FKI is an independent non-profit organization consisting of large conglomerates and members of associations. The federation includes 332 companies.