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Securing inputs is key to Seoul’s diplomatic strategy

Content type:: Expert Briefings
Location:: SOUTH KOREA
Keywords associated with this article:: Geographic: South Korea AP INT Australia China Kazakhstan North Korea Turkmenistan Uzbekistan Central Asia Chile Latin America Africa Tanzania

Topical: economy industry international relations energy foreign policy hard commodities metals environment government mining policy summit
ISSN:: 2633-304X
Citation:: Oxford Analytica (2024), "Securing inputs is key to Seoul’s diplomatic strategy", Expert Briefings.
https://doi.org/10.1108/OXAN-DB289067

Monday, August 19, 2024

Significance

This followed the first-ever Korea-Africa summit, where critical minerals loomed large; President Yoon Suk-yeol’s visits to three resource-rich Central Asian states; and Seoul’s subsequent pledge of a new KRW5tn (USD3.6bn) fund to strengthen critical raw materials (CRMs) supply chain resilience.

Impacts

Having long courted global markets and support against North Korea, South Korea's quest for CRMs will build on and deepen existing ties.
If Donald Trump returns as US president, US pressure would add urgency to Seoul's push to diversify away from Chinese suppliers.
State-business partnership will stay central to Seoul’s quest to secure critical minerals.

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Significance

Impacts

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