Forum 2024 on “Critical Minerals in Asia and Africa”, held on March 5, 2024
Collaboration on Criticial Minerals:
Kazakhstan-Korea Partnership
In a dynamic landscape of global partnerships, the KIGAM International Network Forum 2024 on “Critical Minerals in Asia and Africa”, held on March 5, 2024, provided a platform for meaningful discourse and strategic collaborations. Hosted by Dr. Lee Pyeong-Koo, President of the Korea Institute of Geosciences and Mineral Resources (KIGAM), the event brought together government officials, industry leaders, diplomats and other stakeholders from Asian and African countries such as Kazakhstan, Mongolia, Uzbekistan, Nigeria and Tanzania.
Kazakhstan was represented by Mr. Kanat Yerubayev, Deputy Chairman of Kazakhstan’s Geology Committee (Ministry of Industry and Construction) and Mr. Dauren Abuov, Deputy Director General, Tau-Ken Samruk.
Delivering congratulatory remarks, Ambassador of Kazakhstan to Korea Nurgali Arystanov expressed gratitude to KIGAM for the longstanding partnership, emphasizing the potential for mutual benefit in the realm of mineral resources. With Kazakhstan's rich abundance of rare earth metals and Korea's technological prowess, the stage is set for collaborative endeavors to ensure a steady supply of critical resources to global markets.
Kazakhstan's prominence in rare earth metals is underscored by its extensive mineral reserves, including lithium, nickel, iron, copper, tungsten, and molybdenum. With over 5,000 unexplored deposits valued at an estimated $46 trillion, Kazakhstan emerges as a key player in the global minerals market, presenting lucrative opportunities for strategic partnerships and investment.
Highlighting the burgeoning economic ties between Kazakhstan and Korea, Ambassador Arystanov outlined the remarkable growth in bilateral trade and investment. In a broader context, it's noteworthy that Korea ranks as the 6th largest investor for Kazakhstan globally. Moreover, Korea stands as the 4th largest trade partner for Kazakhstan. The exponential growth in bilateral relationships is evident, with the number of Koreans visiting Kazakhstan more than doubling in 2023.
Referring to the recent expanded Government meeting, the Ambassador highlighted the importance of President Tokayev’s vision for prosperous Kazakhstan, which includes achieving 6% GDP growth, more investments from overseas and transfer of technologies. In 2023, Kazakhstan’s economy grew by 5.1%.
It was underlined that “Kazakhstan offers an attractive investment climate and business environment, characterized by a range of favorable incentives designed to attract foreign investments”.
International rating agencies such as Moody's (Baa2), Fitch (BBB) and S&P (BBB-) affirm Kazakhstan's high sovereign position, further bolstering investor confidence and fostering a conducive atmosphere for business growth and development.
The presence of Korean corporations such as CU, Samsung, KIA, Doosan, KT, Hyundai, KHNP, SK, Korea Express Way, K-Water, Shinhan Bank, BNK Bank and many others underscores the mutual commitment to fostering enduring partnerships and technological exchange. Notably, POSCO's investment in Kazakhstan's Titanium and Magnum Factory exemplifies the collaborative spirit driving bilateral cooperation.
Additionally, to facilitate CEOs trips to Kazakhstan, favorable conditions have been created. It's worth noting that Kazakhstan maintains a visa-free regime, facilitating ease of travel and fostering closer ties between the two nations. Currently, there are 11 flights per week on the route between Almaty and Seoul. These initiatives aim to enhance connectivity and promote greater interaction between the peoples, further strengthening the bonds of friendship and cooperation.
As the forum’s title suggests, Ambassador Arystanov emphasized the importance of networking and establishing new partnerships to facilitate the seamless implementation of agreed projects. With a visa-free regime and increased air connectivity between Kazakhstan and Korea, avenues for collaboration are poised to expand, fostering deeper ties and driving win-win partnerships.
In conclusion, the confidence was expressed that the KIGAM International Network Forum 2024 serves as a testament to the enduring friendship and shared aspirations of Kazakhstan, Korea and other partners. Through strategic collaborations and concerted efforts, participating nations are poised to unlock new opportunities and chart a path toward sustainable development and prosperity.