Korea, India Explore Critical Mineral Cooperation

The Export-Import Bank of Korea is set to significantly strengthen partnerships in strategic industries through cooperation with India, leveraging India's abundant resources alongside Korea's advanced technological capabilities. President Hwang Ki-yeon of the Export-Import Bank met with Indian Ambassador Gourangal Das at the bank's headquarters in Seoul on September 3 to discuss major economic issues and explore practical measures for Korean companies to successfully establish themselves in the Indian market.

Both countries focused on India's 'Make in India' policy, which aims to promote manufacturing, and discussed the establishment of a local ecosystem in the shipbuilding and maritime sectors. Korean companies are currently evaluating opportunities to enter the Indian market, which may include building shipyards and integrated steel mills in India. In response, the Export-Import Bank intends to actively support Korean firms in settling the local market.

The scope of cooperation extends beyond traditional manufacturing to encompass future industries. Both sides agreed to expand their partnership into high-tech sectors, including digital technologies, artificial intelligence (AI), and clean energy transition. India's vast reserves of critical minerals, such as lithium, and Korea's expertise in processing technologies were highlighted as crucial elements for securing the supply chain.

President Hwang framed India as a core economic cooperation partner of Korea, emphasizing the significant potential synergy between the two nations in manufacturing and high-tech industries. The Export-Import Bank of Korea pledged to fulfill its role as a financial bridge, ensuring the expansion of Korean companies' entry into India across various strategic industry sectors.