Source: [한·중앙아를 잇다]⑤ 산업전환 시험대 선 카자흐, '광물·신도시' 기회와 과제

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ASTANA/ALMATY, Kazakhstan (Yonhap) – Cooperation between Korea and Kazakhstan is expanding from critical minerals to urban development, artificial intelligence (AI), healthcare and finance ahead of the first Korea-Central Asia Summit, scheduled to be held in Seoul in mid-September.

Kazakhstan is seeking to move beyond an economy centered on extracting and exporting oil, gas, uranium and other minerals by expanding domestic processing, manufacturing and advanced industries.

Alatau City, a large-scale new city planned near Almaty, demonstrates the scale of Kazakhstan’s industrial transformation plans. The Kazakh government aims to establish a new economic center combining smart-city systems, residential and commercial facilities, advanced industries, research and education, and future mobility.

Korea’s urban-development experience in areas such as Pangyo and Songdo is being considered as part of the project. Cooperation with Korean institutions and companies has also been discussed in smart infrastructure and future mobility fields, including urban air mobility (UAM) and drones.

Plans are also underway to develop skilled personnel through a science and technology education model based on the Korea Advanced Institute of Science and Technology (KAIST).

‍Caspian Group seeks to connect Korea and Kazakhstan

Koryo-saram businesspeople, including those at Caspian Group, which is participating in some projects within the Alatau City development zone, are seeking to serve as private-sector bridges between Kazakhstan and Korean companies and institutions.

Caspian Group Chairman Yuriy Tskhay believes Kazakhstan’s land, resources and location can be combined with Korea’s technology and experience in urban development and education. The word he emphasizes when meeting Korean companies is “trust.”

“Considering the experience of past large-scale development projects, predictability and actual implementation of laws, institutions and administrative procedures are as important to investors as the government’s willingness to provide support,” he said.

Alatau City remains at an early stage and requires advance investment in roads, electricity, water supply and sewage. Its commercial viability will depend on whether it can attract private capital, tenant companies and residents on a stable basis.

Financial institutions assess projects based on cash flow, collateral, legal stability, exchange rates and repayment capacity. Government-level cooperation and memoranda of understanding can develop into private businesses only if projects establish profit and risk structures acceptable to investors.

K-Park to connect the two countries through culture, education and business

K-Park, being developed within Alatau City primarily by the Koryo-saram community, is another initiative intended to connect Korea and Kazakhstan through culture, education and business.

The project aims to create a space linking Koryo-saram history and culture with Korea. Completion is scheduled for September 2027, marking the 90th anniversary of the forced relocation of Koryo-saram.

“Koryo-saram businesspeople are taking the lead in securing funding and carrying out the project,” Tskhay said.

Caspian Group, which is participating in parts of the Alatau City development, is pursuing cooperation between Korean companies and institutions and Kazakhstan in urban development, education and advanced industries.

‍Summit expected to broaden bilateral cooperation

The Korea-Central Asia Summit could provide an opportunity to further expand such cooperation. However, announcing new projects or signing memoranda of understanding at the summit will not, by itself, complete the industrial transformation.

Alatau City must secure private capital and tenant companies, while AI initiatives require the development of local expertise and markets..

The next stage of bilateral cooperation will therefore depend on connecting technology, urban development, finance and skilled personnel within a broader industrial ecosystem.

The key issue is whether cooperation between Korea and Kazakhstan can move beyond assistance and planning to investment, production and operations.

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