Korea-U.S. High-Tech Industry & Clean Energy Partnership MOU

Last updated: 10 December 2023

The US and South Korea signed twenty-three (23) memoranda of understanding (MOUs) on 26 April 2023 for stronger high-tech cooperation in battery, bio, autonomous vehicles, aviation, robotics, hydrogen, nuclear power, carbon neutral, oil and gas, ammonia, CCUS, small modular reactor (SMR), renewable energy, critical minerals, etc.
To stabilise the supply of critical minerals, the two countries agreed on the following: 

  • K-SURE and Multilateral Investment Guarantee Agency (MIGA) will provide financial assistance for Korean firms' overseas investment projects to support investments in developing countries. 
  • New working groups will be established in the Supply Chain and Commercial Dialogue (SCCD) to expand supply chain security and cooperation on semiconductor incentive programs, research initiatives, supply chain risks and export controls.
  • The government of South Korea will make $5.3 billion available in the next five years to support ROK critical minerals and battery manufacturing investments in North America.  

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