South Korean Foreign Minister Cho Hyun discussed supply chain cooperation with his Brazilian and Mexican counterparts this week amid the Middle East crisis, the Foreign Ministry said Thursday.
During a phone call Wednesday with Brazil’s Foreign Minister Mauro Vieira, Cho outlined Seoul’s efforts to secure alternative energy supply routes for crude oil and other resources, given its heavy reliance on the Middle East, according to Yonhap News Agency.
South Korea paid roughly $144 billion in 2024 for its energy purchases from the Middle East.
The two ministers agreed to maintain high-level exchanges and work together on supply chains and global issues, including those related to the Korean Peninsula.
On Thursday, Cho requested Mexico’s cooperation to ensure a stable crude oil supply for South Korean companies during a call with newly appointed Mexican Foreign Minister Roberto Velasco.
Mexico is a major oil producer in Latin America.
Cho also called for accelerating efforts to strengthen economic ties, including resuming talks on a bilateral free trade agreement.
The two sides agreed to expand cooperation in artificial intelligence, space and other advanced technologies.
As one of the most energy-dependent nations, South Korea has dispatched special envoys to Algeria and Libya and plans to send another envoy to the Republic of Congo to seek new supply routes amid the Middle East crisis.
To cushion the economic impact of the conflict, President Lee Jae Myung’s government is implementing an extra budget of $17.7 billion.
According to the country’s Industry Ministry, the government will cover additional shipping costs that crude importers have to bear when importing alternative supplies from regions other than the Middle East.
The ministry said the compensation is expected to amount to 127.5 billion won ($86.6 million).