‘Zim can impact global EV market’
ZIMBABWE’S abundant lithium and rare mineral resources are a pedestal for the country to contribute significantly to the green economy and positively impact the electric vehicle market and global value, South Korea’s Ambassador to Zimbabwe Park Jae Kyung has said.
In an interview, Ambassador Kyung said Zimbabwe needed to exploit the interconnected global trade chain exuding national pride for the benefit of the nation.
He said South Korea’s two car manufacturing companies, Hyundai and KIA, were now having growing focus on electric vehicles and his government and other companies were interested in the “because this is our main source of income”.
“The demand for electric vehicles continues to rise. And many experts say the price of lithium is decreasing. However, the price of lithium is very important in Zimbabwe. It is going down, but this is temporary.
“In the year 2030, 2040, 2050, the global demand for electric vehicles and demand for lithium and other critical minerals will continue to rise and rise again.
“Zimbabwe has that important weapon. At this point, it is important that Zimbabwe thinks twice. It is not just about the relations with one single country, like Korea, but it can be with more and more.
“Korean companies are very keen on the critical minerals because they need battery cells and they need critical minerals,” he said.
He noted there were unfolding global trade developments involving the world’s economic powerhouses in relation to the manufacture of electric vehicles.
These should be read within the context of the US Inflation Reduction Act.
“The Act is very interesting and it is important for Zimbabwe to look at the electric vehicles market, lithium and battery production in this context.”
He said last month’s appearance in the 200 metres final at the Paris Olympics by sprinters Tapiwanashe Makarawu and Makanakaishe Charamba showed how much impact Zimbabwe could have in the world.
“In early August, I watched the 200 metres final at the Paris Olympics and there were two Zimbabwean athletes. I didn’t know there are such wonderful athletes here.
The point is, you can be proud of yourself. National pride is very important,” Ambassador Kyung said.