South Korea strategic industrial and mineral partnerships

South Korea is actively expanding its international strategic partnerships, with a particular focus on securing critical mineral supply chains and advancing high-tech industrial cooperation.

In early September, South Korea and Australia met at the 47th Korea-Australia Economic Cooperation Committee to integrate mineral value chains. The partnership aims to combine Australia’s mineral reserves with South Korean smelting and processing technologies, targeting sectors such as secondary battery materials, renewable energy, defense, and artificial intelligence.

Following this, South Korean President Lee Jae-myung and Uzbekistani President Shavkat Mirziyoyev met at the Blue House to expand their “special strategic partnership.” The leaders signed 13 agreements and Memorandums of Understanding (MOUs), including the establishment of a “Korea-Uzbekistan Rare Metals Center” to manage mineral development lifecycles and an MOU for “Manufacturing AI Transformation (AX) Cooperation.” Defense and transport cooperation also advanced through a contract for Hyundai Rotem to supply six high-speed train sets to Uzbekistan Railways.

During the summit, President Lee emphasized Uzbekistan’s role as a key partner in Central Asia, while President Mirziyoyev noted that over 700 Korean companies are currently operating in Uzbekistan across sectors such as e-government, IT, and healthcare. This meeting serves as a precursor to the inaugural South Korea-Central Asia Summit.

Additionally, President Lee met with Asian Development Bank (ADB) President Masato Kanda to discuss leveraging South Korean technology and financing for mineral projects in Central Asia. To support the ADB’s Critical Minerals-to-Manufacturing Financing Partnership Facility, Korea Eximbank and the Korea Trade Insurance Corporation (K-SURE) signed memoranda for up to $500 million each, creating a potential $1 billion co-financing commitment.