President Yoon Suk Yeol delivers a keynote speech during South Korea-Kazakhstan business forum held in Astana, Kazakhstan, on June 12. Yonhap

President Yoon Suk Yeol said Wednesday that Korea and Kazakhstan need to broaden the scope of economic ties beyond their traditional focus on the automotive and resource sectors to include critical mineral supply chains and infrastructure projects.

During a bilateral business forum held as part of his state visit to Kazakhstan, Yoon underlined the need for expanding the areas of economic cooperation to better complement each other's industries.

"Since the establishment of diplomatic relations in 1992, Kazakhstan has become Korea's largest trading partner and investment destination in Central Asia," Yoon said in a keynote speech.

"Korea and Kazakhstan need to further expand the horizon of economic cooperation, given their mutually complementary industrial structures," he added.

Korea is Kazakhstan's fourth-largest investor and fifth-largest trading partner. Korea maintains a significant presence in Kazakhstan's automotive market, while importing crude oil and minerals, such as uranium, from Kazakhstan.

Yoon underscored the importance of enhancing collaboration in the supply chain for critical minerals amid rising economic uncertainties from geopolitical risks. (Yonhap)