President Lee Proposes 'New Silk Road' Vision with Five Central Asian Nations... "Expanding Cooperation on Critical Minerals and Infrastructure"

Korea-Central Asia Business Summit Held
First Multilateral Economic Event in 34 Years Since Diplomatic Ties
Attended by Leaders and Business Figures from Six Countries, Over 520 Participants
Diversifying Trade and Building Full-Cycle Supply Chains for Critical Minerals
Three Major Proposals for Cooperation in Future Infrastructure
Nineteen MOUs Including Hyundai Motor’s Smart City Cooperation
On-Site Business Deals Reach 3 Million Dollars

President Lee Jae-myung presented his vision for a "New Silk Road" centered around building a full-cycle supply chain for critical minerals, expanding trade and investment, and advancing future infrastructure in cooperation with the leaders of five Central Asian countries. The plan aims to combine Central Asia's abundant resources such as lithium and uranium with South Korea's battery and semiconductor manufacturing capabilities, and to extend cooperation into major infrastructure sectors like high-speed rail, smart cities, and power grids. As a result, a total of 19 Memoranda of Understanding (MOUs) were signed between companies in the fields of critical minerals, smart cities, plant engineering, and digital technology, while on-site business consultations resulted in contracts worth 3 million dollars.

President Lee Jae-myung is delivering a speech at the 1st Korea-Central Asia Business Summit held at a hotel in Seoul on September 16, 2026. Photo by Yonhap News

In a keynote speech at the special session of the "1st Korea-Central Asia Business Summit" held at the Westin Chosun Seoul on September 16, President Lee stated, "I would like to share with you the vision for a new Silk Road that the Republic of Korea and the five Central Asian countries will build together." He outlined three major directions for future cooperation: building a full-cycle supply chain for critical minerals, expanding trade and investment, and advancing future infrastructure.

This summit marked the first multilateral economic event since diplomatic ties were established with the five Central Asian countries in 1992. President Lee, President Kassym-Jomart Tokayev of Kazakhstan, President Sadyr Japarov of Kyrgyzstan, President Emomali Rahmon of Tajikistan, President Serdar Berdimuhamedow of Turkmenistan, and President Shavkat Mirziyoyev of Uzbekistan—the leaders of six countries—gathered in one place. The event was attended by about 520 participants, including government officials and business leaders from each country.

Moving Beyond Just 'Raw Material Imports' to a Full-Cycle Supply Chain for Critical Minerals
President Lee placed the greatest emphasis on critical minerals. He said, "As global supply chains are being restructured, Central Asia is emerging as a treasury of key minerals needed for the production of electric vehicles, batteries, and semiconductors. If Central Asia’s abundant mineral resources such as lithium and uranium meet our battery and semiconductor manufacturing capabilities, we will be able to lead the global market together."

He made it clear that cooperation will move beyond simple raw material imports. The goal is to build a supply chain that covers all processes for critical minerals—exploration, refining, high value-added material processing, and finished product manufacturing. The government also plans to support joint research and development as well as specialized workforce training by utilizing rare metal centers under development in key local areas.

This direction has already taken shape through business cooperation between companies. The Korea Institute of Industrial Technology signed an MOU on rare metal industry cooperation with the National Metallurgical Research Institute of Kazakhstan, laying a foundation for connecting local resources to Korea’s processing and manufacturing technology. SAC signed an MOU with Kazakhstan's MPI for the supply of equipment for the second stage of the Ekibastuz ferrosilicon production plant.

Hyundai Motor: Smart Cities... 'Korea Desk' to be Established in Five Central Asian Countries

President Lee Jaemyung is giving a speech at the 1st Korea-Central Asia Business Summit held at a hotel in Seoul on September 16, 2026. Photo by Yonhap News

The structure of trade is also expanding—from focusing on automobiles, parts, energy, and raw materials to covering new industries such as consumer goods, bio, and digital sectors. President Lee noted, "Currently, trade is centered on exports of our automobiles and parts, and imports of energy and raw materials from Central Asia. We must decisively broaden trade into new industries like consumer goods, bio, and digital technology."

The government plans to set up a "Korea Desk" in all five Central Asian countries to resolve difficulties faced by Korean companies operating locally and to reduce non-tariff barriers and streamline customs procedures through the introduction of a digital customs clearance system. The volume of Korea-Central Asia trade, which was about 15 million dollars at the time of diplomatic establishment in 1992, surpassed 1 billion dollars last year.

In the smart city sector, Hyundai Motor signed an MOU on "physical AI-based smart city cooperation" with Caspian Group and Caspi Group, laying the groundwork for entering the Alatau Smart City project in Kazakhstan. In Uzbekistan, agreements were signed on a smart bio cluster and establishment of a joint venture for medical devices, while in Kyrgyzstan, contracts related to AI-based digital healthcare and public-private partnership (PPP) projects were signed.

"High-Speed Rail and Power Grids: Korean Companies Are the Optimal Partners"

On the 16th, at a hotel in Seoul, the 2026 1st Korea-Central Asia Summit is being held under the chairmanship of President Lee Jae-myung. September 16, 2026, Yonhap News Agency.

Future infrastructure was also identified as a key area for cooperation. Central Asia, with a population of 84 million and an average age of 27, is a young and rapidly growing market, recording approximately 5% annual growth. The government believes there is a rapidly rising demand for major infrastructure such as urban development, high-speed railways, plant projects, and power grids.

President Lee emphasized, "Korean companies, with their vast construction experience and proven technologies, are the best partners for the innovation of Central Asia’s infrastructure. We must work together to build major transportation and energy arteries and a dense logistics network, realizing the potential of Eurasia."

In practice, business cooperation extended broadly into infrastructure and digital areas. In Kyrgyzstan, the Korea Overseas Infrastructure & Urban Development Corporation (KIND) signed an MOU for PPP cooperation with the National Investment Agency PPP Center, and Dohwa Engineering concluded a tripartite agreement with a local investment agency. In Turkmenistan, there was an agreement to establish a joint venture for IT product localization and technology transfer.

At the "Korea-Central Asia Business Partnership" side event hosted by Korea Trade-Investment Promotion Agency (KOTRA), 33 influential buyers and project owners from Central Asia and over 90 domestic companies participated. One-on-one consultations led to a contract between Artbox and Casia Imports worth 3 million dollars.

President Lee said, "If we walk this path together, the route from 1,500 years ago will reopen as a new Silk Road. The Republic of Korea will strongly support your bold endeavors to ensure early and substantial results."

This content was produced with the assistance of AI translation services.