| Trade Minister Moon Sung-wook speaks at the business roundtable with Kazakhstan President Kassym-Jomart Tokayev and other government and business officials at the Lotte Hotel in Seoul, Tuesday. / Courtesy of the Ministry of Trade, Industry and Energy |
By Kim Hyun-bin
South Korea and Kazakhstan vowed to further strengthen economic ties during a business roundtable meeting at the Lotte Hotel in Seoul, Tuesday.
The business roundtable meeting was attended by Trade Minister Moon Sung-wook, along with 22 other government and business officials including Korea International Trade Association (KITA) Chairman Koo Ja-yeol.
This marks the first invitation of national guests to host an economic event since the COVID-19 pandemic started to spread last year. On the Kazakhstan side, President Kassym-Jomart Tokayev and 22 other business and government dignitaries attended the meeting.
The two sides discussed ways to enhance economic cooperation in various sectors including electronics, infrastructure, health and finance.
“The two sides have an economic complementary cooperation structure. Our intimate relations will greatly contribute to our joint development,” Minister Moon said during his opening speech. “I attended the event so that Korea's capital, technology and experience could foster Kazakhstan's unlimited growth potential.”
Through the event, the two sides signed a memorandum of understanding (MOU) that includes cooperation in 23 sectors including to establish a civil-economic cooperation channel between the two countries as well as strengthening cooperation in the automotive industry, infrastructure development, COVID-19 management and future growth industries.
During bilateral ministerial talks held in April 2019, the two sides agreed to initiate a new economic cooperation program named “Fresh Wind,” which enhanced cooperation in the industrial, resource, energy, science, technology, medical and transportation infrastructure sectors.
Minister Moon believes there have been positive results from the economic cooperation initiatives and emphasized that the two countries, already having prior experience and trust, should work to further enhance economic cooperation.
The trade minister plans to hold the 10th economic joint committee meeting to inspect the implementation of the new economic cooperation program between the two countries and plans for continued support. He requested that Kazakhstan government officials create more opportunities for Korean companies and secure a stable environment for them to operate in.