During a working visit to the Republic of Korea, Deputy Prime Minister of Kazakhstan Kanat Bozumbayev held meetings with the leadership of Korea Electric Power Corporation (KEPCO), Lotte Hotels & Resorts, Doosan Enerbility and the Global Green Growth Institute (GGGI). The parties discussed the participation of Korean companies in infrastructure and investment projects in Alatau City.
During the talks, Kanat Bozumbayev noted the high level of the Kazakh-Korean strategic partnership and the interest in attracting advanced technologies, investment and international expertise to the development of the new city.
“Alatau City is one of Kazakhstan’s key national projects. A special investment and regulatory environment is now being put in place for the city, and modern infrastructure is being built. We are interested in a long-term partnership with leading Korean companies and are ready to work through joint projects in concrete terms,” Kanat Bozumbayev emphasized.
The meeting with KEPCO reviewed the prospects for cooperation in developing Alatau City’s energy infrastructure. In particular, the parties discussed the Korean corporation’s participation in designing power transmission and distribution systems, building substations, integrating with the national grid and rolling out local power networks.
The development of modern energy infrastructure is needed to supply the city’s new residential, industrial and commercial facilities with reliable generating capacity ahead of their commissioning.
With the leadership of Doosan Enerbility and GGGI, the parties discussed the development of Alatau City’s own generation. One of the promising options under consideration is the construction of a 2×250 MW gas-fired power plant with the possibility of a subsequent switch to hydrogen. Doosan Enerbility could act as the project’s technology and EPC partner. Delivering the project through public-private partnership mechanisms is being considered at a preliminary stage.
Building its own generation is seen as one of the tools for strengthening Alatau City’s energy security, given the projected growth of the population, industry and new investment projects.
Questions of tourism and hotel infrastructure development were also discussed. With Lotte Hotels & Resorts, the parties considered the possibility of delivering a mixed-use complex in Alatau City featuring an L7 by Lotte hotel. The project, worth more than $200 million, provides for a 180-room hotel, office space and residential apartments.
Following the meetings, the parties agreed to continue joint work on the projects discussed, including determining the mechanisms for their financing and implementation. Alatau City Authority will coordinate and support this work together with the relevant government agencies and potential partners. Alatau City’s investment portfolio currently comprises 67 projects with a total value of $6.9 billion, whose implementation envisages the creation of more than 55,000 jobs.
Delivering the projects under discussion will contribute to the comprehensive development of Alatau City: building reliable energy and utility infrastructure and developing hotel, business and commercial facilities. Attracting international partners and implementing new investment projects will create additional jobs, broaden the range of city services and create the conditions for growth in business activity and a higher quality of the urban environment.
