South Korea and Kazakhstan have signed deals to boost cooperation on key mineral exploration, development and use to ultimately establish a stable supply chain for critical energy sources. 

President Yoon Suk Yeol and Kazakh President Kassym-Jomart Tokayev disclosed the agreement in a joint press announcement held after their summit in Astana on Wednesday. 

On the occasion of Yoon’s visit, the two countries adopted three memoranda of understanding on cooperation, including one on supply chains for key minerals, energy industries and financial support.

Following the summit, Yoon told reporters on Wednesday that South Korea and Kazakhstan agreed to build their strategic partnership to a more mutually-beneficial and future-oriented partnership.

Kazakhstan is rich in resources, including minerals and oil reserves. It produces 43 percent of the world’s uranium, 15 percent of the world’s chromium and 15 percent of the world’s titanium. It also ranks 12th in the world in terms of oil and coal reserves. 

The top office also explained that the summit also created the basis for South Korean firms to make inroads into Kazakhstan’s energy and infrastructure projects, including those related to high-efficiency, low-emissions power generation and renewable energy.