South Korea, ADB to Boost Cooperation on Critical Minerals, AI and Energy

President Lee Jae Myung and the chief of the Asian Development Bank (ADB) agreed on Monday to enhance cooperation on critical minerals and artificial intelligence (AI), the presidential office said. Lee and ADB President Masato Kanda also discussed ways to deepen ties in energy, including nuclear power, during their talks at Cheong Wa Dae in Seoul, presidential spokesperson Kang Yu-jung said in a written briefing, reports Yonhap news agency.

Lee proposed expanding cooperation between South Korea and the ADB to help stabilise the supply chain of critical minerals in Central Asia, citing the growth potential of the region given its "abundant natural resources and geographical advantages." Kanda expressed hope for cooperation with South Korea, saying strengthening critical mineral supply chains is one of the ADB's top priorities.

On artificial intelligence, Lee outlined the South Korean government's efforts to advance the AI sector, citing the "AI for all" project, an initiative aimed at creating an "AI-basic society" where people can use AI services regardless of income, age or digital literacy. "We can achieve meaningful results by integrating South Korea's AI capabilities and ADB's expertise in development," Lee was quoted as saying by his office.

The two sides also agreed to seek ways to utilize South Korea's technology and experience in initiatives pursued by the ADB, including the ASEAN Power Grid project. Meanwhile, the South Korean won fell against the U.S. dollar on Monday, as expectations were raised for the Federal Reserve to increase its key rate. The won was quoted at 1,347.3 won per dollar at 3:30 p.m., down 1.4 won from the close of the previous stock trading session. With Brent crude futures hovering above US$100 per barrel as the U.S.-Iran military conflict escalated in the Middle East, markets were increasingly betting on the Fed's rate hike this week.

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