The Ministry of Trade, Industry and Energy announced that Minister Kim Jeong-kwan met with Yerlan Nagaspaev, Kazakhstan's Minister of Industry and Infrastructure Development, on June 8 in Astana for the 11th Korea-Kazakhstan Joint Committee on Trade, Economic, and Scientific and Technological Cooperation.
This joint committee, a high-level consultative body established under the bilateral trade agreement, convened for the first time in two years since the 10th meeting in May 2024. The ministers from both countries serve as chief representatives, with participation from relevant ministries and agencies.
In light of the increased uncertainty in energy supply due to the ongoing conflict in the Middle East, the two nations agreed to collaborate on ensuring stable oil imports. They also committed to expanding cooperation in the development of Kazakhstan's power infrastructure and the modernization of aging power plants.
Previously, special envoys for strategic economic cooperation visited Kazakhstan to discuss energy collaboration, recognizing that South Korea's oil imports are heavily reliant on the Middle East. Geopolitical conflicts, such as blockades in the Strait of Hormuz, could directly impact energy supply.
Minister Kim also met separately with Energy Minister Yeralan Akhmetzhanov to review the status of oil import initiatives. The South Korean government aims to reduce its dependence on the Middle East by strengthening ties with Kazakhstan, the largest oil producer in Central Asia.
Additionally, they discussed plans to advance the CEPA between South Korea and Kazakhstan to elevate the level of economic cooperation. CEPA, a type of free trade agreement (FTA), addresses tariff reductions, the removal of non-tariff barriers, and a wide range of economic cooperation areas. The two sides agreed to work together to resolve challenges faced by local companies in sectors such as electronics, automotive, and plant operations.
In the construction sector, discussions were held regarding Kazakhstan's key Alatau New City development project. Both countries will share experiences in smart city development and enhance communication on urban air mobility within the new city project. They also discussed digital and intellectual property rights, as well as environmental issues.
Notably, they agreed to support the smooth progress of the Karachaganak gas processing plant project, which is a major gas and condensate production site in Kazakhstan. Additionally, they committed to facilitating the timely advancement of the Ekibastuz power plant modernization project.
Minister Kim stated, "The two countries are broadening their cooperation beyond traditional areas such as resources and energy, and plants, to include digital and eco-friendly sectors. We will continue to follow up on the discussions from the joint committee." He added, "We will strive to further strengthen economic cooperation between the two countries in conjunction with the upcoming first Korea-Central Asia Summit scheduled for September."
* This article has been translated by AI.
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