Central Asia has minerals. What can South Korea offer in return?
South Korea can access critical minerals, energy and a fast-growing market in Central Asia. Seoul’s more valuable pitch is technology and finance to turn those resources into higher-value exports.
The trade-off will sit behind the inaugural South Korea–Central Asia summit in Seoul on 16 September. The five Central Asian presidents and South Korean leader Lee Jae Myung are expected to focus on minerals, energy, investment and supply chains, followed by a business gathering with about 500 government and company representatives.
South Korea’s immediate concern is economic security. Central Asia, meanwhile, wants investment that goes beyond extracting and shipping raw materials.
«Uzbekistan is an emerging market with the largest population in Central Asia and a key partner for transportation and infrastructure development projects,» Kang Yoo-jung, senior spokesperson of South Korea’s president, was quoted by Yonhap news agency.
President Lee plans to further expand the scope of cooperation with Uzbekistan through the summit, the official added.
Read more: South Korea calls 1st Central Asia summit in push for trade and minerals
What Central Asia can put on the table
The region’s most obvious bargaining chip is its resource base. Kazakhstan can offer uranium, as well as deposits of lithium, chromium and rare earths, while Uzbekistan has promoted tungsten, molybdenum, lithium and other materials used in electronics, batteries and specialised manufacturing.
Seoul has designated 17 minerals as critical to its economic security and is spending public money to help Korean companies secure overseas projects as it attempts to reduce excessive dependence on China.
Uzbekistan has the largest consumer market in the region, a young workforce and a well-established Korean corporate presence. Kazakhstan has size, a developed mining sector and relatively mature investment infrastructure.
As a whole, the region can serve as a place for Korean manufacturers seeking new production bases between Europe and Asia.
Read more: Uzbekistan seeks stronger partnership with South Korea in high-tech and green industries
What South Korea can bring beyond investment
South Korea’s advantage is its ability to connect mining with processing and manufacturing. Korean companies bring expertise in batteries, semiconductors, cars, chemicals, construction, digital infrastructure and industrial equipment — precisely the sectors Central Asian governments want to develop.
Uzbekistan offers the clearest indication of what that relationship could become. Korean investment in the country has exceeded $8bn, and around 700 businesses with Korean capital are operating there, according to figures cited ahead of the summit. Existing cooperation spans healthcare, education, energy, chemicals and digital government.
Seoul can lower that financing risk. South Korea’s Economic Development Cooperation Fund has offered Uzbekistan up to $2bn in concessional financing for 2024–2027, and the Export-Import Bank of Korea can help buy Korean equipment and infrastructure.
Read more: Uzbekistan partners with Incheon Airport to modernise and manage Urgench International Airport
