Kazakh ambassador pursues crucial mineral collaboration with Korea

Kazakh Ambassador to Korea Nurgali Arystanov gives a speech during the International Network Forum 2024 on critical minerals in Asia and Africa in Seoul, Tuesday. Courtesy of Embassy of Kazakhstan in Seoul

The International Network Forum 2024 on "Critical Minerals in Asia and Africa" was held Tuesday, providing a platform for meaningful discourse and strategic collaborations. Hosted by the Korea Institute of Geosciences and Mineral Resources, 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.

Representatives from Kazakhstan highlighted the potential for mutual benefit through strategic partnerships. Kazakh Ambassador to Korea Nurgali Arystanov noted Kazakhstan's rich abundance of rare earth metals and Korea's technological prowess, setting the stage for collaborative endeavors to ensure a steady supply of critical resources to global markets.

Kazakhstan's significance in the area of rare earth metals is emphasized by its vast mineral reserves, encompassing lithium, nickel, iron, copper, tungsten and molybdenum. With more than 5,000 untapped deposits valued at approximately $46 trillion, offering lucrative prospects for strategic partnerships and investment.

In emphasizing the burgeoning economic connections between Kazakhstan and Korea, Arystanov delineated the impressive surge in bilateral trade and investment. Korea holds the position of the sixth largest investor in Kazakhstan globally. Additionally, Korea ranks as Kazakhstan's fourth-largest trade partner. The exponential advancement in bilateral relations is exemplified by the number of Koreans visiting Kazakhstan more than doubling in 2023.

He highlighted Kazakh President Kassym-Jomart Tokayev's vision for national prosperity, including achieving a 6 percent GDP growth target and attracting more investments and technologies from overseas.

According to the Embassy of Kazakhstan in Seoul, international rating agencies such as Moody's, Fitch and S&P affirm Kazakhstan's high sovereign position, bolstering investor confidence and fostering a conducive atmosphere for business growth and development. Korean companies, including CU, Samsung, Kia and others, showcased their commitment to enduring partnerships and technological exchange with partners in the country.

To further facilitate collaboration, Kazakhstan maintains a visa-free regime and increased air connectivity with Korea. Arystanov emphasized the importance of networking and establishing new partnerships to facilitate the seamless implementation of agreed projects.