Korea, Kazakhstan discuss deeper cooperation in energy, supply chains
Industry Minister Kim Jung-kwan at his office / Courtesy of Ministry of Trade, Industry and Resources
Korea and Kazakhstan explored ways to expand their cooperation in energy, supply chains and other areas Monday while discussing a potential comprehensive economic partnership agreement (CEPA) between the two countries, Seoul's ministry said.
Industry Minister Kim Jung-kwan discussed the issues with his Kazakhstani counterpart, Yersaiyn Nagaspayev, during the 11th Korea-Kazakhstan joint committee on trade, economy, science and technology cooperation held in Astana, according to the Ministry of Trade, Industry and Resources.
During the meeting, the senior policymakers discussed pushing for a bilateral CEPA in a bid to upgrade two-way trade and investment while agreeing to bolster energy cooperation, including crude oil supplies, amid heightened volatility in the global energy market due to the Middle East crisis.
They also agreed to expand cooperation to support Korean automotive, electronics and plant companies operating in the Central Asian nation while extending Seoul's support for Kazakhstan's efforts to establish power infrastructure and upgrade aging power plants, the ministry said.
In addition, Kim and Nagaspayev discussed ways to facilitate Korean firms' participation in Kazakhstan's urban development projects and expand the two countries' cooperation in the digital economy and environment, it added.
The ministry said Kim also met with Kazakhstan Energy Minister Yerlan Akkenzhenov during his trip.
"Korea and Kazakhstan are expanding the scope of cooperation beyond traditional areas, such as natural resources, energy and plant construction, to new areas, like digital technology and eco-friendly industries," Kim said in a press release.
"We will continue follow-up consultations on the issues discussed at the joint committee meeting and work to further strengthen bilateral economic cooperation, marking the inaugural Korea-Central Asia summit slated for September this year," he added.
Following his Kazakh trip, Kim plans to visit Europe and will accompany Korea's President Lee Jae Myung on his trip to France, Belgium, Italy and the Vatican, and pay a consecutive visit to three Middle Eastern nations — Saudi Arabia, Qatar and the United Arab Emirates — to expand Seoul's global outreach.