S.Korea's Eximbank, Australia's EFA sign MOU on mineral supply chains

The Export-Import Bank of Korea (Eximbank) on Thursday in Seoul signed a memorandum of understanding with Export Finance Australia (EFA) on cooperation in supply chain resilience, core minerals and renewable energy.

The gist of the MOU is boosting cooperation in securing supply chains for key minerals, pursuing projects in hydrogen, renewable energy, and carbon capture, utilization and storage, and conducting infrastructure ventures in the Indo-Pacific region. 

Eximbank and EFA will jointly provide financial support for South Korean corporate investment in key battery minerals in Australia such as lithium and nickel, plus cooperate in responding to climate change through support for hydrogen and renewable energy projects.

"Australia, with ample resources of critical minerals and renewable energy, can be a great partner for Korea, which is a strong player in the electric vehicle industry and hydrogen economy," Eximbank President Yoon Hee-sung said. "I expect this MOU between (Eximbank) and EFA could yield significant synergies."

Write to Hanjong Choi at onebell@hankyung.com