President Lee Jae Myung delivers keynote at Korea-Central Asia Business Summit

President Lee Jae Myung speaks at the first Korea-Central Asia Business Summit held at a hotel in Seoul on Wednesday. [Yonhap]
President Lee Jae Myung speaks at the first Korea-Central Asia Business Summit held at a hotel in Seoul on Wednesday. [Yonhap]

President Lee Jae Myung unveiled a "new Silk Road" vision Wednesday aimed at deepening economic cooperation between South Korea and five Central Asian nations.

Speaking at a special session of the Korea-Central Asia Business Summit in Seoul, Lee said he wanted to lay out a shared path forward. "If we walk it together, the road traveled 1,500 years ago will open again as a new Silk Road," he said.

The summit brought together leaders and business representatives from South Korea, Uzbekistan, Turkmenistan, Kazakhstan, Tajikistan and Kyrgyzstan. Korea Chamber of Commerce and Industry Chairman Chey Tae-won led a South Korean business delegation of about 130 executives.

Lee noted that young people in South Korea and Central Asia now watch the same drama series and listen to the same music, saying the relationship had evolved from the mere exchange of goods into "full-scale cooperation where culture and people flow freely." He added that this shift pointed the way forward for both sides.

President Lee Jae Myung speaks at the first Korea-Central Asia Business Summit held at a hotel in Seoul on Wednesday. [Yonhap]
President Lee Jae Myung speaks at the first Korea-Central Asia Business Summit held at a hotel in Seoul on Wednesday. [Yonhap]

Lee said Central Asia is emerging as a treasure trove of critical minerals essential to electric vehicle, battery and semiconductor production as global supply chains are restructured. "When Central Asia's abundant mineral resources — lithium, uranium and others — meet our battery and semiconductor manufacturing capabilities, we will be able to lead world markets," he said.

He called for cooperation spanning the full cycle of the critical minerals sector, from exploration and smelting to high-value materials processing and finished-product manufacturing, going well beyond simple raw materials trade. The government, he said, would use rare metals centers being established at key locations in the region as a springboard for joint research and development and specialist workforce training, helping Central Asian resources generate greater added value.

Lee acknowledged that trade between South Korea and Central Asia remains skewed toward South Korean exports of automobiles and auto parts and imports of Central Asian energy and raw materials. He said both sides needed to broaden the scope of trade into new industries such as consumer goods, biotech and digital sectors.

He pledged to send trade missions to the region to help Central Asian products gain a foothold in the South Korean market, and said the government would move quickly to build a digital customs clearance system to lower non-tariff barriers and streamline customs procedures. Korea Desks to be established in each of the five Central Asian countries, he added, would serve as channels for resolving business difficulties.

Lee also promised that South Korea would be "a reliable partner in building future infrastructure together."


sang@heraldcorp.com