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Korea Herald
10 hours ago
- Business
- Korea Herald
Lee returns from G7 summit with 'new leap forward in diplomacy'
At expanded G7 session, Lee tells leaders that S. Korea aims to lead AI revolution with focus on inclusion, energy security CALGARY, Canada/SEOUL -- President Lee Jae Myung returned Wednesday from a three-day visit to Canada, where he attended the Group of Seven summit as a guest — a milestone his administration has touted as the restoration of South Korea's summit diplomacy. Wrapping up his trip, Lee hailed the G7 summit and a flurry of bilateral talks as 'signaling a new leap forward in South Korea's diplomacy,' in a post on his Facebook account. The trip, which marked Lee's debut on the global stage just two weeks after taking office, served as an opportunity for the new president to reassure South Korea's international partners of its economic and security stability, according to his office. The G7 Summit offered Lee an early platform to engage with the G7 leaders and other invited heads of state, allowing him to strengthen diplomatic and economic ties while outlining his vision for 'pragmatic diplomacy,' his office said. According to officials, many of the leaders he met commended South Korea's recent restoration of democratic stability following its domestic political crisis. "South Korea's summit diplomacy has been fully restored," Wi Sung-lac, director of the presidential National Security Office, told reporters Tuesday. "Amid the seismic shift in the world's economic security landscape, South Korea actively engaged in discussions over global current affairs while manifesting (South Korea's) visions and roles," he added. According to the presidential office, Lee delivered remarks twice during the expanded G7 summit session on Tuesday afternoon. Behind closed doors, Lee's remarks heralded South Korea's vision of seeking international cooperation to make artificial intelligence technology available to all humankind, in line with his campaign pledges. Lee proposed the idea of turning South Korea into the "leading AI hub" through the so-called "nationwide AI transformation" bolstered by aggressive tax relief, a deregulatory push and a private-sector fund composed of contributions from ordinary citizens. Lee also noted in his remarks that increased electricity consumption due to the rise of AI highlights the importance of robust energy security and stability in supply chains of energy-related critical minerals. To achieve this, Lee expressed his determination to seek stronger ties with producers of critical minerals through bilateral and multilateral partnerships. Related moves are already underway, including South Korea's participation in the Minerals Security Partnership and the launch of a critical minerals dialogue between South Korea and Africa. Lee also proposed the launch of energy infrastructure with enhanced efficiency, including projects such as the so-called "energy highway," or ultrahigh-voltage direct current transmission cables built underwater. He also proposed the introduction of microgrids, energy storage systems, and an AI-powered electricity supply system to boost efficiency. Moreover, as a G7 guest, Lee signed two documents at the summit, which are the Kananaskis Wildfire Charter and the G7 Critical Mineral Action Plan. "These achievements clearly proved South Korea's status as a 'G7 Plus' country," Wi said, suggesting that Lee's attendance boded well for the Lee administration's efforts to position South Korea for inclusion in a potential expanded G7 forum. A widely anticipated meeting between Lee and US President Donald Trump did not ultimately occur during his three-day visit, as the US leader abruptly cut short his trip late Monday amid rising tensions between Israel and Iran. Lee's office said it will continue to seek a one-on-one meeting with Trump at an early date, aiming to inject momentum into ongoing working-level trade talks between Seoul and Washington. The talks are under growing time pressure, with a 90-day pause on proposed 25 percent "reciprocal" tariffs set to expire on July 9. One possible venue for a bilateral meeting is the upcoming NATO summit in the Netherlands, scheduled for June 24–25 should both leaders attend.
Korea Herald
20-03-2025
- Business
- Korea Herald
US monitoring Korea Zinc takeover amid China supply chain concerns
The US State Department said it is closely monitoring the private equity firm MBK Partners' attempt to take over Korea Zinc, the world's largest zinc smelter, amid growing concerns among US lawmakers that the deal could disrupt critical mineral supply chains and expand China's control in a sector the US considers vital to national security. The State Department's remarks came in an official response to concerns raised last month by Republican Rep. Zach Nunn, who warned that MBK Partners' potential acquisition of Korea Zinc could increase Beijing's leverage over critical mineral supply chains, heightening the risks of economic coercion and technology leakage. 'The ROK knows first-hand the risks of economic retaliation and coercion by China and has been an active participant in Minerals Security Partnership since its founding,' said Paul Guaglianone, senior bureau official of the Bureau of Legislative Affairs at the State Department, in a response to Nunn posted on his X account. ROK is the acronym of South Korea's official name, the Republic of Korea. 'Additionally, Korean companies are leaders throughout the critical minerals supply chain and are vital partners in countering Chinese market manipulation," he said. Guaglianone added that the State Department is aware of the ongoing situation regarding Korea Zinc and 'engages regularly' with South Korean officials to discuss this and other issues. 'We understand that the ROK is also closely tracking the situation, including any potential impact.' The State Department US policy prioritizes expanding production of critical minerals and diversifying supply chains to protect the economic and national security of the US and its allies, it said. 'The ROK will continue to be a key ally in diversifying supply chains, and the Department will continue to collaborate with it to protect our economic and national security,' it added. 'The department will continue to work to counter Chinese efforts to dominate critical minerals supply chains, including through active participation in the MSP.' Korea Zinc produces several rare metals crucial for semiconductor manufacturing, renewable energy and defense projects directly tied to US security interests. These include antimony, indium, tellurium and cadmium, all of which China has restricted from exporting. The dispute began late last year when MBK, partnering with Young Poong, Korea Zinc's largest shareholder, sought greater influence over Korea Zinc's management. The MBK faction holds a 40.97 percent stake in Korea Zinc, compared to the 34.35 percent held by Korea Zinc Chairman Choi Yun-beom and his allies, including Bain Capital. The takeover caught US attention following accusations that MBK has strong ties to Chinese capital. The controversy intensified when it was revealed that China Investment Corporation, China's sovereign wealth fund, is among MBK Partner's limited partners, raising concerns about potential leakage of technology or talent. In response, MBK said Chinese capital represents only around 5 percent of MBK's funding and firmly denied plans to sell Korea Zinc to Chinese interests.
Korea Herald
06-02-2025
- Business
- Korea Herald
Vice FM discusses critical minerals cooperation with senior African officials
Second Vice Foreign Minister Kang In-sun has discussed ways to deepen cooperation in the critical minerals sector in talks with senior government officials of Tanzania, South Africa and Zimbabwe, Seoul's foreign ministry said Thursday. The talks took place Wednesday on the margins of a key mining event in the South African city of Cape Town, where Kang was visiting to attend the inaugural partnership dialogue between South Korea and African nations on ways to boost critical minerals cooperation. Kang met separately with Steven Kiruswa, Tanzania's deputy minister for mining; Phumzile Mgcina, South Africa's deputy minister for mineral and petroleum resources; and Winston Chitando, Zimbabwe's minister for mining development, the Seoul ministry said in a release. In the talks with the three officials, Kang proposed making continued mutual efforts to expand the partnerships based on the agreement reached at the first-ever South Korea-Africa summit in Seoul last year, the ministry said. Kang asked for Tanzania's support in advancing a graphite mining project under way as part of the Minerals Security Partnership, a multilateral forum focused on critical mineral supply chains. South Korea and 13 other countries, including the United States, Britain and Japan, are participating in the initiative. With South Africa, Kang expressed hope to strengthen economic cooperation in various areas, including critical minerals, noting the country has been South Korea's largest trading partner in the region. Kang discussed with the Zimbabwean minister opportunities for cooperation with the resource-rich country, according to the Seoul ministry. (Yonhap)
