Korea-Kazakhstan Strengthen Cooperation on Key Minerals like Lithium and Rare Earths... Establish 'Supply Chain Dialogue'

The governments of Korea and Kazakhstan have agreed to strengthen cooperation on critical minerals such as lithium and rare earth elements, which are essential for electric vehicle and semiconductor manufacturing.

On the 12th, the Ministry of Trade, Industry and Energy announced that during President Yoon Seok-yeol's visit to Kazakhstan and the summit with President Kassym-Jomart Tokayev, three memorandums of understanding (MOUs) were signed with the Kazakh government to expand cooperation in critical mineral supply chains, the power industry, and the economic joint committee.

[Image source=Yonhap News]

Through the signing of the 'Critical Mineral Supply Chain Cooperation MOU,' both countries agreed to promote cooperation and personnel exchanges at each stage of the value chain?including joint geological surveys, exploration, development, and refining?of critical minerals widely used in electric vehicles, semiconductors, and alloy steel manufacturing, such as lithium, chromium, manganese, rare earth elements, and uranium. Furthermore, taking advantage of this state visit, both sides agreed to establish a 'Supply Chain Dialogue' and to discuss practical cooperation measures together with related research institutes, companies, and financial institutions.

Additionally, by signing the 'Power Sector Cooperation MOU,' an opportunity was created to expand cooperation and personnel exchanges in the power sector between the two countries. The Kazakh government is pursuing carbon neutrality by 2060, aiming to expand renewable energy, convert coal-fired power plants to gas combined cycle power plants, and improve the efficiency and eco-friendliness of aging power plants. Korean companies have competitiveness in these areas, and their participation in future projects is expected to increase.

Along with the 'Trade and Investment Promotion Framework (TIPF)' signed last October, this time the 'Joint Committee MOU on Cooperation in Trade, Economy, and Science and Technology' was signed, establishing an institutional foundation for expanding trade, investment, and economic cooperation between the two countries.

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