President Yoon's First Overseas Tour This Year to Three Central Asian Countries... "Energy and Mineral Cooperation"

Visit to Turkmenistan, Kazakhstan, and Uzbekistan
Promoting 'K-Silk Road' Cooperation Model with Resource-Rich Countries
Accompanied by SK Chairman Chey Tae-won, Lotte Chairman Shin Dong-bin, and POSCO Chairman Jang In-hwa

President Yoon Suk-yeol and his wife Kim Keon-hee, who are on a state visit to the Netherlands, are boarding Air Force One, their official aircraft, at Seoul Airport in Seongnam, Gyeonggi Province on the 11th to bid farewell.
[Image source=Yonhap News]

President Yoon Suk-yeol will embark on his first overseas trip of the year on the 10th. From the 10th to the 15th, he will make state visits to three Central Asian countries rich in resources?Turkmenistan, Kazakhstan, and Uzbekistan?and discuss cooperation in the energy and mineral sectors. In particular, through this trip, he plans to establish the 'Korea-Central Asia 5-Nation Summit' and actively promote the 'K-Silk Road' initiative, a cooperation model linking South Korea's innovation capabilities with Central Asia's abundant resources.

Accompanying the president on this trip will be an economic delegation including Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (and SK Group Chairman), Shin Dong-bin, Chairman of Lotte Group, and Jang In-hwa, Chairman of POSCO Holdings, who are expected to discuss concrete cooperation plans related to energy and plants. This overseas trip marks President Yoon's first since his state visit to the Netherlands in December last year, and First Lady Kim Keon-hee will also accompany him.

Through this trip, President Yoon aims to solidify the cooperative foundation with the three Central Asian countries that possess key minerals, while also acting as the 'No. 1 salesperson' to support Korean companies operating in Central Asia in securing orders. The three Central Asian countries have abundant resources, and South Korea has strong demand for purchasing key minerals, creating ample synergy. The plan is to understand each other's needs and strengthen cooperation accordingly. A presidential office official explained, "The three resource-rich Central Asian countries want to develop downstream industries based on energy. South Korea has strengths in this area and hosts world-class companies in energy and plants, so building an alliance is one of the main objectives of this trip."

Central Asia is an emerging strategic hub in the global market. These three countries were previously visited by former Presidents Park Geun-hye and Moon Jae-in for summit talks and state visits. Turkmenistan, the world's fourth-largest natural gas holder, has pursued solid cooperation in energy and plant sectors with South Korea based on a mutually beneficial partnership established in 2008. Kazakhstan, an oil-producing country with a strong market share in uranium and other key minerals, will focus on cooperation in the supply chain of critical minerals. Uzbekistan, the most populous Central Asian country with 170,000 ethnic Koreans, is considered an attractive market entry point, and discussions will be held on Korean companies securing energy infrastructure projects there.

Establishment of the 'Korea-Central Asia 5-Nation Summit'... Concrete Advancement of the K-Silk Road

In particular, the K-Silk Road initiative will be concretized and actively promoted during this trip. The K-Silk Road is the third regional strategy announced by the Yoon Suk-yeol administration, following the 'Indo-Pacific Strategy' and the 'Korea-ASEAN Solidarity Initiative.' It aims to create a new cooperation model by linking South Korea's innovation capabilities with Central Asia's abundant resources and development potential. This is the first time the Korean government has presented a diplomatic strategy specialized for Central Asia. A presidential office official said, "The Korea-Central Asia 5-Nation Summit is the highest-level platform to realize the K-Silk Road. Since the first meeting with Kazakhstan, Uzbekistan, Turkmenistan, Tajikistan, and Kyrgyzstan is scheduled to be held in Korea next year, this trip will be a process of solidifying the cooperative foundation for a successful summit."

President Yoon will arrive in Ashgabat, the capital of Turkmenistan, on the 10th as the first itinerary of the trip, participate in an official welcoming ceremony, and hold a summit with Serdar Berdimuhamedow, President of Turkmenistan, followed by signing a memorandum of understanding (MOU). On the 11th, President Yoon will move to Kazakhstan and hold a meeting with ethnic Koreans and overseas nationals in the capital, Astana, followed by a dinner with President Kassym-Jomart Tokayev. On the 12th, he will hold a summit with President Tokayev at the presidential palace, sign an MOU to strengthen the strategic partnership, and conduct a joint press conference. On the 13th, in Tashkent, the capital of Uzbekistan and the last country on the itinerary, he will host a dinner meeting with ethnic Koreans, and on the 14th, he will hold talks with President Shavkat Mirziyoyev. The economic delegation accompanying the trip includes 86 companies (65 enterprises) recruited by the Korea Chamber of Commerce and Industry and the Korea International Trade Association.

A presidential office official said, "Resource cooperation is essential for future industries, and if supply chains are not properly established, difficulties will arise. Sixty percent of the economic delegation consists of small and medium-sized enterprises with strong intentions to enter the local market. Through the government's K-Silk Road initiative, trade with the five Central Asian countries is expected to expand, and the government will actively support related companies in securing orders while hoping to broaden the scope of cooperation."