By Diplomacy Journal Lee Kap-soo
Deputy Minister for Trade Park Jong-won met with Saskatchewan’s Minister of Trade and Export Development Warren Kaeding in Seoul on September 8, to discuss ways to strengthen bilateral cooperation in industries, critical minerals, and energy.
The Canadian province of Saskatchewan is rich in natural resources, including uranium, natural gas, oil, and critical minerals. The province ranks first globally in both potash reserves and production, third in uranium reserves, and second in uranium production.
It is also pursuing the introduction of small modular reactors (SMRs) to decarbonize up to 80 percent of its electricity supply by 2030.
The two sides noted that since the Korea-Canada Free Trade Agreement entered into force in 2015, bilateral economic and trade relations have grown significantly, with trade nearly doubling over the past decade (from USD 8.6 billion to 17.2 billion).
They agreed on the importance of expanding cooperation amid growing uncertainty in the global trade environment, driven by rising protectionism worldwide.
Regarding enhanced energy cooperation between Korea and Saskatchewan, Deputy Minister Park stated, “This creates mutual benefits from an energy security perspective, enabling Korea to secure stable energy sources and Canada to diversify its energy exports.”
He also expressed hopes for the provincial government’s continued support for bilateral cooperation in future-oriented strategic industries and eco-friendly energy sectors, such as batteries, SMRs, hydrogen, and critical minerals, in light of active Korean investment in Canada.
