Northern Economic Cooperation
30.10.2020
International Forum on Northern Economic Cooperation - 2020 was opened in Seoul. This event is held under the motto "Global Changes After COVID-19 and Future of Northern Economic Cooperation".
Kassym-Jomart Tokayev made a video address at the Forum, the Akorda press service reports. Head of state highly appreciated the New Northern Policy strategy initiated by President Moon Jae-In, which has repeatedly proved its relevance and viability over the past three years, and welcomed the far-sighted approach of South Korean leader for building more prosperous, interconnected and stable Eurasia. According to the President of Kazakhstan, synergy of political will and economic prudence is becoming crucial today when the world is facing unprecedented challenges of the coronavirus pandemic. Speaking on the Kazakh-South Korean strategic partnership based on common values, mutual support and close ties between people, Kassym-Jomart Tokayev noted a contribution of hundred thousandth Korean community in Kazakhstan, which serves as a "Golden bridge" of friendship between people of two countries. "Korean investments in the Kazakhstan economy exceeded $ 7 billion. Despite the global turbulence, bilateral trade turnover showed strong growth. It should be noted that Kazakhstan accounts for 70% of the total GDP of all five Central Asian States. Korea ranks 10th among leading investors. Thus, there is a huge untapped potential for further building up our mutually beneficial cooperation", the Head of state said with confidence. Kazakhstan President stressed that Moon Jae-In's historic visit to our country in April 2019 opened a new page in bilateral cooperation. The Fresh Wind program signed during this visit is aimed at activating comprehensive Kazakh-Korean economic, trade and cultural relations. Kassym-Jomart Tokayev stated that the Fresh Wind program and New Northern Policy strategy correspond to the strategic objectives set out in national programs, including Digital Kazakhstan and "Nurly Zhol". Pointing to the long oil super cycle in the world that is approaching its end, the Head of state stressed paramount importance of building diversified and sustainable economy for Kazakhstan: "That is why I initiated New economic course. It is related not only to structural reforms, but also to building a more dynamic and strong state. Kazakhstan is ready to offer tools specially developed for Korean investors, including tax and customs preferences, co-financing of projects, partial guarantees and export support mechanisms". The Head of state also highlighted the potential of Astana International Financial Center, which operates under English Law, and uniqueness of its ecosystem for foreign businesses. At the end of his speech, Kassym-Jomart Tokayev wished the forum participants fruitful work, and the President and Government of South Korea good luck and success in their noble endeavors.
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