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South Korea, Kazakhstan sign minerals deals as Seoul transfers to diversify supply chain

South Korea has struck offers with Kazakhstan to enable its companies to check out for critical minerals in the Central Asian state, it said on Wednesday, as the home to significant chip manufacturers and leading carmaker Hyundai relocate to diversify its supply chains.

South Korean President Yoon Suk Yeol is on a state see to Kazakhstan following a similar journey to Turkmenistan this week, and ahead of a visit to Uzbekistan.

Wednesday's memorandum of understanding on critical minerals supply chains will permit South Korean companies to take part in expedition for lithium, chrome, uranium and unusual earth advancement, the industry ministry said.

South Korea is home to semiconductor manufacturers and the world's fifth-largest automaker Hyundai Motor Group, which is making a push for electrification. Stable supply of vital minerals is considered essential, as the country does not have natural resources, and it is one of the world's biggest energy buyers.

Speaking after his summit with Kazakh President Kassym-Jomart Tokayev in Astana, Yoon said the offer had been struck as we pursue becoming a global essential state, with Kazakhstan's growth policy more vital than ever as we deal with complex global crises and unpredictability.

Throughout Yoon's see today South Korea and Turkmenistan also signed contracts on energy resources development, which his workplace has actually said could result in about $6 billion in orders.

They included South Korean builder Hyundai Engineering signing contracts with Turkmenistan's state gas business and chemical company.

The 2 nations will work together on the extra advancement of Galkynysh gas field and the restoration of a. polymer plant in Turkmenistan, Hyundai Engineering stated in a. declaration late on Tuesday.

Previously this month, South Korea hosted its first summit with. the leaders of 48 African nations, seeking to tap the. continent's mineral resources and possible as an export market.

(source: Reuters)