Memorandum of Understanding and Cooperation signed between QazTrade and KITA

Memorandum of Understanding and Cooperation signed between QazTrade and KITA

Seoul, August 17, 2021 - As part of the official visit of the Head of State to the Republic of Korea Chairman of the Board of Directors

JSC "QazTrade" - Minister of Trade and Integration of the Republic of Kazakhstan Bakhyt Sultanov, General Director of JSC "QazTrade" Azamat Askaruly and Chairman of the Board of the Korean International Trade Association (KITA) Christopher Koo signed a Memorandum of Understanding and Cooperation.

According to the signed document, the parties intend to cooperate in the development of mutual trade (export promotion, e-commerce, logistics) between the Republic of Kazakhstan and the Republic of Korea. The parties discussed the possibility of implementing joint infrastructure and export-oriented investment projects.   

Kazakhstan remains the largest trade partner of the Republic of Korea in Central Asia (in 2020, the trade turnover between Kazakhstan and Korea was $5.9 billion). Exports from Kazakhstan in the first half of 2021 amounted to $76,6 million. This is 15% higher than for the same period in 2020. Expected exports of domestic processed products to the Republic of Korea by the end of the year will amount to $214.6 million.

For reference: The Korea International Trade Association (KITA) was founded in 1946 to promote the growth of the South Korean economy through international trade. At present, KITA is the largest business association of the Republic of Korea, uniting more than 70,000 companies. As a representative of South Korea's global trading companies, KITA provides them with practical support, promotes private sector trade cooperation, develops new trade strategies, builds trade-supporting infrastructure, and trains trade professionals.

KITA's activities include supporting overseas marketing and investment, facilitating international cooperation, providing trade information and research, training international trade professionals, and related consulting (including trade dispute arbitration and policy advice to government).