Economic cooperation between South Korea and Central Asia is expanding beyond exports to include key raw material supply chains and energy infrastructure. During the recent visit of buyers and suppliers from five Central Asian countries, approximately $14 million in export contracts were signed on-site.
The Korea Trade-Investment Promotion Agency (KOTRA) announced on September 17 that it hosted the 'Korea-Central Asia Business Partnership' event at the Westin Chosun Hotel in Seoul on September 16. The event featured participation from 33 Central Asian buyers and suppliers, along with over 90 domestic companies, resulting in more than 200 export consultations.
A total of 16 contracts worth about $14 million were signed during the consultations. A consumer goods company secured a $3 million contract with a buyer from Kazakhstan. CU, which operates 70 stores in Kazakhstan, also held a showcase to introduce products from domestic small and medium-sized enterprises.
In addition to product buyers, eight infrastructure project agencies and three key raw material suppliers participated in the event. Given the abundance of essential raw materials such as urea, phosphorous, and tungsten in Central Asia, discussions also focused on potential collaborations for diversifying supply chains for South Korean companies.
During the Korea-Central Asia Business Summit held the same day, a joint declaration was adopted to broaden cooperation in areas including critical minerals, energy, and plant infrastructure, as well as artificial intelligence, digital technology, and biotechnology. Additionally, 19 memorandums of understanding were signed.
KOTRA also operated a 'Supply Chain Lounge' to facilitate consultations between Central Asian raw material suppliers and domestic companies, with support from the Korea Export-Import Bank, the Korea Institute of Geoscience and Mineral Resources, and the Korea Mine Rehabilitation and Resource Corporation, which provided consulting on finance and resource development.
A development cooperation model linking infrastructure projects and exports was also proposed. The ongoing district heating modernization project in Uzbekistan was introduced, and consultations on equipment supply between companies in the two countries were conducted. Separate exhibition booths were set up for local small businesses and micro-enterprises.
The five Central Asian countries are diversifying their industrial structures, including manufacturing and information and communication technology (ICT), while increasing foreign investment, leading to greater demand for energy and infrastructure. KOTRA plans to expand cooperation beyond simple product exports to include supply chains and project contracts as a result of the summit.
Kang Kyung-seong, president of KOTRA, stated, "Central Asia offers significant opportunities for cooperation due to its growth potential, abundant raw materials, geographical proximity, and deep historical and emotional ties. We will fully support the active engagement of businesses from both countries in exports, supply chains, energy, and infrastructure."
* This article has been translated by AI.
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