S. Korea, Kazakhstan sign MOUs to boost cooperation on key minerals

Jun 13, 2024, 10:23 am

		0
South Korean President Yoon Suk-yeol, escorted by Kazakh President Kassym-Jomart Tokayev, enters a welcoming ceremony at the Ak Orda Presidential Palace in Astana on June 12, 2024./ Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol and Kazakh President Kassym-jomart Tokayev held a summit on Wednesday and established a partnership to strengthen cooperation in the resource supply chain between the two countries. With the partnership, South Korean companies will be able to stably receive Kazakh minerals and crude oil, and participate in related development and production.

The two nations also agreed to cooperate in the energy sector by signing a deal on renewable energy and the modernization of old power plants, laying the foundation for Korean companies to win business bids in Kazakhstan. President Yoon, who is on a tour of Central Asia, held a summit with President Tokayev and adopted a joint statement on cooperation in political and diplomatic sectors, practical cooperation, and cultural and human exchanges.

Following the summit, Yoon told reporters that the two heads agreed to build their strategic partnership to a more mutually-beneficial and future-oriented partnership. On the occasion of Yoon’s visit, the two countries adopted three memoranda of understanding on cooperation, including one on a critical mineral supply chain partnership, which will pave the way for comprehensive cooperation ranging from joint exploration to the final use of critical minerals in Kazakhstan. “The two countries will cooperate so that Korean companies can participate in the development of minerals that are confirmed to have economic feasibility.”

With Yoon’s state visit to Kazakhstan, the two countries signed a total of 35 MOUs for cooperation.

#S. Korea #Kazakhstan #MOU