Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Kazakhstan targets investments from around the world
Kazakhstan's Minister of Industry and Construction Kanat Sharlapayev, left, gives an opening speech during the Kazakhstan Global Investment Roundtable in Astana, Kazakhstan, Friday. Korea Times photo by Kim Hyun-bin
By Kim Hyun-bin
ASTANA, Kazakhstan – The Kazakhstan Global Investment Roundtable (KGIR-2024) commenced on Friday in the nation's capital, Astana. Since its inception in 2017, the annual event, organized under the auspices of the prime minister, has evolved into a crucial platform for dialogue between the government and the international investment community.
The main theme of this year’s roundtable is “Global Investment Trends: Future Vision.” Discussions centered around current global market trends and their impact on investment strategies, particularly focusing on infrastructure development as a vital component in attracting international capital.
Kanat Sharlapayev, Kazakhstan's minister of Industry and Construction, highlighted the country's economic ambitions and investment opportunities in his opening speech. He emphasized Kazakhstan's strategic initiatives aimed at fostering industrial growth and sustainable development.
“Kazakhstan confidently holds a place on the international investment stage as one of the most attractive destinations,” Sharlapayev said. “This is largely due to our unique geographic location. We are at the crossroads of East and West, opening up vast opportunities. Our country serves as a bridge between the world’s largest markets, providing access to Europe, China, and other dynamically developing regions.”
Sharlapayev emphasized that Kazakhstan's advantageous position in the global trade system enables investors to utilize the country as a gateway to promising Eurasian markets. He highlighted the nation's abundant natural resources, which draw significant investments in metallurgy and the mining industry. Additionally, Kazakhstan is diversifying its economy by advancing non-resource sectors such as IT, transportation, agriculture, and green energy, all while adhering to sustainable development practices.
KGIR-2024 brought together over 500 delegates from 40 countries, including government officials, C-level executives, major investors, experts, and representatives from international and governmental organizations. The event featured various panel sessions on topics such as current trends in global markets and industries, and the importance of infrastructure development in attracting investments.
The plenary session, titled “Global Investment Trends: A Vision for the Future,” featured virtual project production launches, the recognition of leading investment firms, and the signing of crucial commercial agreements. Participants took part in roundtable discussions and networking sessions aimed at fostering collaboration and exploring investment opportunities in Kazakhstan and beyond. Key topics included the latest trends in global markets, innovative investment strategies, and infrastructure projects designed to enhance Kazakhstan’s attractiveness to international investors.
Azamat Kozhanov, managing director of Kazakh Invest, highlighted a significant increase in interest from Korean investors, attributing this trend to various economic advantages offered by Kazakhstan.
“We have seen a huge interest from Korean investors due to the rising production costs in Korea,” Kozhanov said. “One option is to come to Kazakhstan for lower production costs and a better cost of goods sold.”
Kozhanov emphasized Kazakhstan’s appeal due to lower labor and utility costs, as well as the availability of feedstock and raw materials.
“Those are the main reasons why Korean companies are interested in investing here. They want to explore new markets, especially since the population of Central Asia is growing.”
Korea has historically been among the top 10 investors in Kazakhstan. Kozhanov noted.
“Foreign direct investments are growing year by year, proving the attractiveness of Kazakhstan as an investment destination,” he added.