Economic cooperation between South Korea and Central Asian countries is expanding into key mineral supply chains, advanced industries, infrastructure, and finance. The government plans to establish a cooperation platform for processing, manufacturing, and supply chain of key minerals with Uzbekistan, and will initiate feasibility studies for additional high-speed train vehicles and the establishment of bio-research facilities. In Kazakhstan, export financing will be expanded to support local entry of domestic companies.
The Ministry of Economy and Finance announced on September 16 that it has signed four memorandums of understanding (MOUs) with Uzbekistan and Kazakhstan during the first summit between South Korea and Central Asia, aiming to promote follow-up projects. This cooperation focuses on three areas: key mineral supply chains, advanced industries, and industrial cooperation.
First, the Korea Export-Import Bank, the Uzbekistan Reconstruction and Development Fund (UFRD), the Uzbek state-owned enterprise TMK, and the Asian Development Bank (ADB) have signed an MOU to establish a cooperation platform for processing, manufacturing, and supply chain of key minerals.
This initiative links Uzbekistan's mineral resources with South Korea's processing and refining technology, along with financial support from the Export-Import Bank and ADB. The two countries plan to jointly identify high-value-added processing and manufacturing projects, supporting domestic companies' participation in resource development and securing key minerals.
In the advanced industry sector, a feasibility study for the establishment of the 'Biome Center,' a national research facility for genomic analysis and cell storage, will begin in Uzbekistan's Tashkent pharmaceutical cluster. This project will incorporate domestic companies' AI-based gene interpretation and analysis algorithms. The feasibility study will continue until the second half of 2027, after which a project review will determine whether to approve the loan.
Policy consulting to foster Uzbekistan's semiconductor and electronics industry will also be pursued. The government plans to provide policy advice for establishing a new industry research and development (R&D) center through the Knowledge Sharing Program (KSP). In Kazakhstan, support will be provided for establishing a master plan for low-carbon energy transition and intelligent smart grid construction through the Economic Innovation Partnership Program (EIPP).
In transportation infrastructure, a feasibility study for the additional introduction of eight high-speed train sets, totaling 56 cars, will be conducted in Uzbekistan. Uzbekistan has previously introduced South Korean high-speed trains with EDCF support, which have been operating on the Tashkent-Samarkand route since May of this year. This study will continue until the first half of 2027, after which a project review will determine loan approval.
Financial cooperation will also be expanded. The Korea Export-Import Bank will provide a $70 million export financing limit to Forte Bank, one of Kazakhstan's five major commercial banks. This financing will allow local financial institutions to lend to companies importing South Korean products for import payments or operating funds.
The government plans to support the expansion of exports of domestic machinery, equipment, consumer goods, and beauty products that are in demand in Central Asia.
A systematic approach will also be established to identify cooperative projects centered on six national strategic industries with Uzbekistan, including key minerals, AI and digital technology, smart cities, transportation and logistics, industrial complexes, pharmaceuticals and biotechnology, and food, beauty, and culture. Policy financing support will be sought for identified projects.
The government aims to connect the projects initiated during this summit to actual contracts and increased investment and trade for companies. A cooperation model will be created that combines domestic companies' technological capabilities with the resource and infrastructure needs of Central Asian countries, with plans to expand this model to other Central Asian nations.
* This article has been translated by AI.
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