South Korea strengthens economic ties with US to have China-free supply chain
Seoul [South Korea], June 18 (ANI): South Korea is actively pursuing 'China-free' supply chains by strengthening its economic ties and making new investments in the United States. This strategic shift comes amid ongoing trade tensions between the US and China, creating both opportunities and risks for global economies, including Korea.
As reported by the Korea Herald, President Lee Jae Myung's administration is prioritizing economic cooperation with Washington, particularly in shipbuilding, energy, and critical minerals. While a planned meeting between President Lee and US President Donald Trump at the G7 summit didn't occur, a summit is anticipated at the upcoming NATO summit.
Both US and South Korea are working on to strengthen their economic ties, since President Lee's took charge earlier this month. The two countries are expecting to look for cooperation in shipbuilding, energy and critical minerals, as well as negotiate the US-imposed tariffs on Korean exports.
Korean businesses are quickly adapting to this new economic landscape. Korea Herald reports that SK Group Chairman Chey Tae-won has discussed with President Lee strategies for Korean industries to collaborate with the US in areas like AI, semiconductors, and mobility, demonstrating how Korean companies can support the US's goal of reducing reliance on China in supply chains.
A significant move in this direction was Korea Zinc's USD 85 million investment to acquire a 5 per cent stake in The Metals Company, a Canadian deep-sea mining firm focused on EV and low-carbon energy metals. Korea Zinc stated this investment positions them as a crucial player in non-China supply chains due to The Metals Company's China-independent assets and technologies. Additionally, Korea Zinc recently made its first export of antimony, a strategic element used in electronics and military products, to the US, signaling its expansion into the American market.
Korean Industry officials anticipate that,' Once allied economies such as Korea and the US begin discussing specific areas of cooperation through summits, companies are projected to be in step with them and move quickly.' (ANI)
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