Kassym-Jomart Tokayev, addressing participants of the first Central Asia – Republic of Korea business summit, noted that Kazakhstan highly values the Republic of Korea's intention to comprehensively develop economic ties with the countries of Central Asia. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.

Geopolitical tension and the factor of trust

The head of state noted that geopolitical tension in the world poses an unprecedented threat to global trade and economic stability.

"Geopolitical tension in the world poses an unprecedented threat to global trade and economic stability. In these circumstances, mutual understanding and trust between states become one of the most important factors of successful and long-term business partnership. We are committed to advancing interaction with the Republic of Korea," the head of state said.

Deals worth $19 billion

As part of the visit, around 80 commercial agreements worth about 19 billion dollars were signed between the two countries.

"As part of the visit, around 80 commercial agreements worth about 19 billion dollars were signed between the two countries. These are not dry statements or, as they say now, deals that remain on paper, but real plans that will be implemented. In any case, the Government will closely monitor the timely execution of business projects," Tokayev said.

Kazakhstan's share in Central Asia's economy

According to the President, Kazakhstan accounts for approximately 60 percent of Central Asia's combined gross domestic product and about 70 percent of foreign direct investment attracted to the region.

"The significant contribution of our country to the economic development and prosperity of Central Asia can be seen from this figure," the head of state said.

Industry and joint projects

The head of state focused on areas with great potential for implementing joint projects and named strengthening cooperation in the industrial sector as a key priority.

"Currently, Kazakhstan and Korea are implementing 51 projects worth more than 4 billion dollars. Last year, more than 170 thousand vehicles were produced in our country, and production volume grew by approximately 18 percent. Hyundai and Kia plants made a major contribution to this. All of this is a solid foundation for work aimed at increasing localization and producing high-tech products with high added value," the president said.