Kazakhstan Strengthens Business Ties with Korea: AIFC Extends Invitation to Investors
On May 21, the Astana International Financial Centre (AIFC) hosted the business event AIFC Connect in Seoul, aimed at strengthening commercial ties between Kazakhstan and the Republic of Korea. The initiative also sought to foster new partnerships and encourage Korean entrepreneurs to engage in joint ventures through the AIFC platform.
Nurgali Arystanov, Ambassador Extraordinary and Plenipotentiary of the Republic of Kazakhstan to the Republic of Korea, delivered a welcoming speech in which he emphasized the high level of the expanded strategic partnership between Kazakhstan and Korea. In his speech, the Ambassador noted that the Republic of Korea is one of Kazakhstan’s key partners: “As of 2024, the volume of direct investments from Korea to Kazakhstan reached 1.2 billion US dollars, making the Republic of Korea the third largest investor in the country’s economy. Over the past 20 years, the total volume of Korean investments has exceeded 10.8 billion US dollars.”
He also highlighted that 876 enterprises with South Korean capital are successfully operating in Kazakhstan. Moreover, air connectivity between the two countries is developing: currently, 15 direct flights per week operate from Astana and Almaty to Seoul, and starting May 29, SCAT Airlines plans to launch a new route between Shymkent and Seoul.
Renat Bekturov, Governor of the AIFC, commented: “As the leading financial centre in Eastern Europe and Central Asia, according to the GFCI rankings, the AIFC offers foreign investors favourable conditions for conducting business in Kazakhstan and the Central Asian region. Through AIFC Connect, we have showcased the opportunities available to entrepreneurs in Seoul – a global economic hub – to launch projects in sectors such as finance, industry, infrastructure, and the creative industries, one of the fastest-growing sectors in today’s economy.”
The main focus of the event in Seoul was the opportunities offered by the AIFC to foster the growth in the creative industries, underpinned by its advanced legal framework for intellectual property protection and its capacity to structure deals in accordance with global best practice. The event also drew attention to the financial centre’s potential for investment in projects within Kazakhstan’s real economy.
The business programme of the event, which included a presentation on Kazakhstan and its investment opportunities, was opened by Darmen Sadvakassov, CEO of Dasco Group. This was followed by a panel session on the AIFC, moderated by Arman Batayev, Founder and Managing Partner of OD Consulting. Experts Olga Em, Director of the VITIS Korea Fund OEIC, and Zhanna Diyarova, Director of the AIFC Authority Participants Support and Business Relations Department, discussed the role of the financial centre in attracting investment and structuring deals, its legal and regulatory infrastructure, the advantages of the AIFC’s fund platform for foreign investors, and the processes involved in creating and managing funds.
The programme proceeded with a discussion about the creative industries in Kazakhstan and the value that the AIFC brings to the sector. Speakers included Yevgeny Kochetov, Vice Minister for Culture and Information in the Republic of Kazakhstan, and Asset Onglassov, Chief Product Officer at the AIFC Authority.
Yevgeniy Kochetov, Vice Minister of Culture and Information of the Republic of Kazakhstan, stated: “Kazakhstan places special emphasis on the development of the creative sector, considering it a strategic priority and one of the key directions for economic diversification. Kazakhstan’s geopolitical features, cultural diversity and interethnic uniqueness, along with a soft tax policy and a well-developed financial infrastructure, create wide opportunities for the growth of the creative industry.
(…) When speaking of our countries’ joint prospects, it is clear that Kazakhstan and the Republic of Korea share a rich history of cultural cooperation. We firmly believe that the creative economy has the power to elevate our relationship to a new, more dynamic level.”
As part of the event, Ernar Kurmashev, Producer, Head of the Tolqyn Film Fund (a venture capital fund), and Aizat Kussainov, Head of the Өzen music platform, shared their success stories in Kazakhstan’s creative industries with attendees of AIFC Connect.
Over 50 representatives from South Korean companies took part in the event, including those from the creative industries – such as producers and experts in the music and film sectors – as well as participants from the real economy and the financial sector.
To date, 18 companies with South Korean capital have been registered at the Astana International Financial Centre. These companies operate across a range of sectors, including information and communication technologies, professional, scientific and technical services, financial services and insurance, administrative and support services, construction, and others.
The AIFC is recognised as the leading financial hub in Eastern Europe and Central Asia, supporting Kazakhstan’s business and economic growth by providing a favourable environment for attracting capital. Since its establishment in 2018, the AIFC has facilitated the inflow of over USD 14.7 billion into the Kazakh economy. As of now, more than 3,900 companies from 80+ countries – including the United States, the United Kingdom, China, Turkiye, the Republic of Korea, Singapore, and others – have registered within the AIFC’s jurisdiction.
Background Information:
The Astana International Financial Centre (AIFC) is an independent jurisdiction offering a favourable legal and regulatory environment, as well as developed infrastructure for starting and conducting business, attracting investment, creating jobs, and fostering economic development in Kazakhstan. www.aifc.kz
AIFC Connect is an exclusive meeting format where experts and participants within finance and industrial sectors come together to exchange views on the AIFC’s initiatives and the investment opportunities Kazakhstan offers for the business. AIFC Connect events were held in Singapore in 2023, and in the United Kingdom (London) and the UAE (Dubai) in 2024.
