Lee calls for trade diversification with Central Asia, cooperation on critical minerals

President Lee Jae Myung addressed the South Korea-Central Asia Business Summit in Seoul, advocating for a shift in trade dynamics between the two regions. He emphasized the need to diversify trade beyond South Korea's traditional exports of automobiles and components, and imports of energy and raw materials. Lee envisioned expanding trade into advanced industries such as digital technology, consumer goods, bio and digital technologies, and other high-tech sectors.

The South Korean leader highlighted the importance of combining Central Asia's abundant reserves of critical minerals with South Korea's manufacturing expertise to lead the global market. These minerals, including lithium and uranium, are crucial for producing electric vehicle batteries and semiconductors, which are increasingly in demand as the world shifts towards renewable energy and advanced technologies.

Lee proposed the establishment of a comprehensive framework for the critical minerals sector, encompassing every stage from exploration to refining, processing, and production. By doing so, South Korea and Central Asia could form a formidable partnership in the global market. He assured that Seoul would be a reliable partner in the development of future infrastructure in Central Asia, supporting urban expansion, high-speed rail systems, and electricity networks.

Lee's vision for strengthening economic ties with Central Asia was presented shortly after the inaugural South Korea-Central Asia Summit. During the summit, the region's leaders emphasized the importance of diversifying global supply chains by leveraging Central Asia's rich mineral resources and South Korea's exploration and processing capabilities.