ASTANA – Kazakhstan and South Korea are advancing a growing portfolio of investment and industrial projects, including 67 initiatives worth a combined $6.9 billion in Alatau City and 51 joint industrial projects, as the two countries prepare for the first South Korea–Central Asia Summit in Seoul on Sept.
16. President Kassym-Jomart Tokayev held a series of meetings with the leaders of major Korean companies. Photo credit: Akorda. President Kassym-Jomart Tokayev held a series of meetings with the leaders of major Korean companies, while senior Kazakh officials engaged with Korean businesses and government representatives on projects spanning automotive manufacturing, energy, infrastructure, hospitality, artificial intelligence and space technologies.
Alatau City emerges as major platform for Korean investment During a meeting with Lotte Group Chairman Shin Dong-bin, President Tokayev highlighted the company’s longstanding contribution to Kazakhstan’s economy, including its activities in the food industry and the modernization of production facilities in Almaty and Shymkent.
Lotte also plans to expand its presence in logistics and hospitality. Tokayev welcomed the signing of an agreement to build the first Lotte-branded hotel in Almaty and noted the potential for further expansion. Shin confirmed Lotte’s plans to invest in food production, logistics and hospitality and said the company intends to participate in Alatau City development projects, including the Iconic Complex.
The development of Alatau City was also central to Deputy Prime Minister Kanat Bozumbayev’s meetings in South Korea with representatives of Korea Electric Power Corporation (KEPCO), Lotte Hotels & Resorts, Doosan Enerbility and the Global Green Growth Institute (GGGI).
With KEPCO, the sides discussed the development of Alatau City’s power infrastructure, including electricity transmission and distribution systems, substations, integration with the national grid and local power networks. Doosan Enerbility and GGGI discussed the development of the city’s own generation capacity.
One option under consideration is a 2×250-megawatt gas-fired power plant, with the potential for a subsequent transition to hydrogen. Doosan Enerbility could serve as the project’s technology and EPC partner, with a public-private partnership mechanism being considered.
Lotte Hotels & Resorts also discussed a multifunctional complex in Alatau City featuring an L7 by Lotte hotel. The project, valued at more than $200 million, is expected to include a 180-room hotel, office space and residential apartments. Kazakhstan and South Korea explore new digital and space projects At a meeting with Hanwha Group Vice Chairman Kim Dong-won, Tokayev outlined Kazakhstan’s efforts to build a national artificial intelligence ecosystem and develop digital infrastructure.
He invited Hanwha Group to implement joint projects in Kazakhstan and use the country as a technological platform for entering Central Asian markets. Separately, Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev visited CONTEC Space Group’s assembly and testing complex in Seoul.
The sides discussed CONTEC’s potential investment in the Galam project, joint satellite and component production, and development of a network of ground stations.