Kazakhstan Accounts For Around 60% Of Central Asia's GDP, 70% Of FDI

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 16. Kazakhstan accounts for around 60% of the total GDP of Central Asia and about 70% of foreign direct investment (FDI) inflows into the region, President Kassym-Jomart Tokayev said.

According to the press service of the Kazakh president, Tokayev made the remarks at the Central Asia - Republic of Korea Business Summit.

He said these indicators reflect Kazakhstan's contribution to the economic development and overall prosperity of Central Asia.

““During my visit, around 80 commercial agreements worth about $19 billion were signed between Kazakhstan and Korea. These are not just statements of intent or, as is commonly said today, empty papers, but concrete plans,” Tokayev said.

Tokayev added that the Kazakh government would closely monitor the timely implementation of the relevant business projects and provide comprehensive support to Korean businesses in carrying out joint projects. For this purpose, Kazakhstan plans to develop a Comprehensive Program for Trade, Economic and Investment Cooperation between Kazakhstan and Korea for 2027-2030.

The president also highlighted measures to improve Kazakhstan's investment climate and create favorable conditions for foreign investors, including the introduction of the Altyn Visa program, which provides benefits to investors implementing projects in the country.

“I believe that Korean entrepreneurs and Korean business as a whole will actively use the preferences provided,” Tokayev said.

In his speech, the president also outlined several areas with significant potential for joint projects. The first priority is deeper industrial cooperation, he said.

“Kazakhstan and Korea are currently implementing 51 industrial projects worth more than $4 billion. Last year, more than 170,000 vehicles were produced in our country, an increase of almost 18%. Hyundai and Kia plants made a significant contribution to this,” Tokayev said.

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