The Alatau Rise With Kazakhstan Forum is taking place in Seoul, where Deputy Prime Minister of the Republic of Kazakhstan Kanat Bozumbayev presented the project of the new city of Alatau to potential investors and partners, El.kz cites primeminister.kz.
From the Kazakh side, the forum was attended by members of the Alatau City Development Council — Yuriy Tskhay, Chairman of Caspian Group, and Vyacheslav Kim, the sole shareholder of the project’s investment partner, Alatau City Bank.
Alatau City is located at the intersection of major transport arteries, with a total area of 88,000 hectares. The entire territory has been designated as a special economic zone, offering such benefits as exemption from corporate income tax, land and property tax, and a zero VAT rate on goods sold within Alatau City, among others.
In September, by a separate Presidential Decree, Alatau was granted the special status of a city of advanced development. The Alatau City Development Council, chaired by the Prime Minister, will serve as the main body for strategic decision-making. Thus, the city will be directly subordinate to the Government.
Alatau City is already being considered as a future hub for technology companies and export-oriented industries. The city is ready to offer targeted incentive programs for such industries as urban air mobility and the hydrogen economy, in which Kazakhstan and Korea can cooperate.
Speaking at the forum, Kanat Bozumbayev noted the great potential for partnership with Korean companies in the fields of electronics, renewable energy, medicine, education, and digitalization of urban services.
“Today, more than 800 Korean companies successfully operate across Kazakhstan in the fields of energy, construction, finance, healthcare, the automotive industry, and high technologies. We are interested in further expanding joint projects and attracting Korean industrial and energy companies, we are open to mutually beneficial cooperation and invite you to take part in the national project Alatau City,” Kanat Bozumbayev said.
As part of the Roadshow, an official ceremony was held to sign memorandums of understanding between government and business entities of Kazakhstan and the Republic of Korea. The parties to the memorandums were: the Ministry of Energy of the Republic of Kazakhstan and the Global Green Growth Institute (GGGI); the Ministry of Transport of the Republic of Kazakhstan, Korea Airports Corporation (KAC), and AAAG; the Akimat of Almaty Region and the company RETD. A memorandum of understanding was also signed between the Ministry of Science and Higher Education of the Republic of Kazakhstan, the Korea Advanced Institute of Science and Technology (KAIST), and Alatau City Bank on cooperation in the creation and development of a new university in Kazakhstan.
Later, during his working visit, Kanat Bozumbayev held talks with Member of the National Assembly Park Hong-geun, Member of the National Assembly Maeng Sung-kyu, Minister of Trade, Industry and Energy Kim Jung-kwan, Chairman of the Korea International Trade Association (KITA) Yoon Jin-sik, and the leadership of the Young Business Leaders Network.
The parties noted that trade and economic relations between the two countries continue to develop steadily. In 2024, the Republic of Korea ranked 10th among Kazakhstan’s trading partners and 3rd in terms of investment volume in Kazakhstan. The parties expressed their intention to deepen cooperation and implement new joint initiatives that serve the interests of both countries.