Seoul: South Korea seeks to expand its economic partnership with Central Asian nations in a range of areas, including supply chains, following the summit held in Seoul, the finance ministry said Wednesday. The announcement came as Asia's No. 4 economy hosted the inaugural South Korea-Central Asia Summit, attended by the presidents of Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan and Tajikistan, to discuss cooperation.
According to Yonhap News Agency, the summit highlighted Central Asia's strategic importance due to its energy resources and critical minerals, especially amid the global supply chain reshuffle. South Korea signed four memorandums of understanding (MOU) with Central Asian partners, facilitating the expansion of local businesses in the region.
One significant agreement was with Uzbekistan, aimed at establishing a cooperative system for the stable supply of critical minerals. These minerals are vital for South Korea's advanced industries. Another MOU with Uzbekistan focused on digital and green transformation, including feasibility studies for a state-run genome analysis research facility and high-speed trains.
Furthermore, South Korea and Uzbekistan agreed to collaborate on strategic projects. Additionally, the Export-Import Bank of Korea will establish a US$70 million credit line with Kazakhstan's ForteBank to support local importers of South Korean goods, such as machinery, equipment, and beauty products.
The finance ministry emphasized the government's intention to turn these summit agreements into tangible outcomes, including increased orders for South Korean companies, as well as boosted investment and trade.