South Korea and Kazakhstan today signed an important memorandum of understanding to enhance cooperation in the field of minerals, including joint exploration, mine development, and the end-use of critical minerals.

This agreement is a major step towards establishing a comprehensive strategic partnership between the two countriesand aims to ensure the security of the supply chain of vital minerals for South Koreaand enhance its position as a global center for manufacturing chips and batteries.

The new agreements include specific provisions for cooperation in the areas of joint exploration and development of lithium mines, technological cooperation, mineral marketing, energy projects, and modernization of power plants.

During his visit to Kazakhstan, Korean President Yoon Suk Yeolstressed the importance of this agreement. “It will contribute to strengthening the supply chain of vital minerals by combining Kazakhstan’s abundant mineral resources with South Korea’s advanced technology,” he added.

Kazakhstan has an enormous wealth of mineral resources, including large reserves of lithium, chromium, titanium, and rare earth minerals, which makes it an ideal partner for South Korea, which relies heavily on importing these materials.