The Ministry of Trade, Industry and Energy announced that Bae Jun-hyung, Director of the Trade Cooperation Bureau, held the inaugural meeting of the Korea-Kyrgyzstan Trade and Investment Cooperation Committee on June 12 in Bishkek, Kyrgyzstan, with Mederbek Tumunov, Deputy Minister of the Ministry of Economy and Commerce.
This committee is the first regular consultative body established under a memorandum of understanding (MOU) signed between the two countries in December of last year. The discussions covered a wide range of economic cooperation topics, including trade, investment, official development assistance (ODA), critical minerals, industrial cooperation, and improving the business environment.
Both sides noted the rapid growth in trade volume, which has surged from $113 million in 2021 to $1.789 billion in 2024, and reached approximately $3.48 billion last year.
They agreed to strengthen cooperation to ensure that the increasing trade leads to expanded investment and industrial collaboration. In particular, they plan to utilize the Korea Trade-Investment Promotion Agency (KOTRA) office set to open in Bishkek later this year to support local market entry for South Korean companies and facilitate exchanges between businesses.
In the area of development cooperation, the ministry reviewed the outcomes of a textile industry technology guidance project and discussed the direction of a digital transformation technology guidance project set to begin this year. The government aims to support the digitalization of Kyrgyzstan's transportation infrastructure and textile and apparel industry while expanding technological cooperation between the two countries.
Critical minerals cooperation was also a key agenda item. The two sides identified the potential for collaboration on mineral resources in Kyrgyzstan, including antimony and tungsten, and agreed to explore possibilities for information sharing and cooperation in development and processing technologies.
Following the committee meeting, Director Bae visited the Kyrgyz Geological Survey to meet with Deputy Director Tinchbek Uulu Ryskul and further discuss cooperation on critical mineral supply chains. They agreed to continue collaboration in areas such as mineral resource information exchange and enhancing exploration capabilities, focusing on antimony, tungsten, and rare earth elements.
Bae also attended a support council for companies entering Kyrgyzstan at the South Korean embassy, where he listened to the business challenges and suggestions from South Korean firms. The government plans to actively utilize channels for discussions with local authorities to ensure that companies can operate their businesses smoothly.
The Ministry of Trade, Industry and Energy aims to solidify the cooperation tasks identified during this visit and prepare tangible outcomes ahead of the Korea-Central Asia summit scheduled for September.
Bae stated, "Kyrgyzstan is an important economic cooperation partner where trade with us is rapidly expanding in Central Asia. We will strive to achieve practical cooperation results in various fields, including trade, investment, critical minerals, and ODA."
* This article has been translated by AI.
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