Korea and Chile Strengthen Critical Minerals Alliance... 'Vice-Ministerial' Council Upgraded to 'Ministerial' Level

Signing of Mineral Resources Partnership MOU
Establishment of Investment Platform and Defense Contract Concluded

Kim Jungkwan, Minister of Trade, Industry and Energy, is seen conversing with officials at the "Export Consultation Venue" held at the Sheraton Hotel in Santiago, Chile on the 30th (local time). Ministry of Trade, Industry and Energy.

On the occasion of President Lee Jaemyung's official visit to Chile, South Korea and Chile have agreed to elevate their cooperation on critical mineral supply chains to a ministerial-level partnership and expand economic collaboration into investment and the defense industry. The plan aims to secure a stable supply of critical minerals such as copper and lithium, while also broadening the foundation for cooperation in emerging industries of the future.

On the 30th (local time) in Chile, the Ministry of Trade, Industry and Energy announced that Minister Kim Jungkwan and Chile's Minister of Economy and Mining, Daniel Mas Valdes, signed the "Korea-Chile Mineral Resources Partnership MOU."

The two countries agreed to expand and reorganize their mineral resource cooperation MOU, first signed in 2004, to include joint geological surveys and exploration, development, processing and refining, recycling, investment, and collaboration across the entire mineral value chain. In addition, the existing vice-ministerial-level Resource Cooperation Committee will be upgraded to the ministerial level, and a new director-level working channel will be established.

The government considers cooperation with Chile, the world's largest copper producer and the country with the greatest lithium reserves, to be crucial for strengthening the competitiveness of high-tech industries such as semiconductors and batteries, as well as for economic security. The Korean side requested a stable supply of key minerals including copper, lithium, and zinc, and also agreed to work with Chile to advance its mineral industry based on Korea's eco-friendly smelting and mineral recycling technologies.

Minister Kim held a meeting with Korean companies operating locally to discuss ways to secure investments and supply chains for critical minerals in Latin America. The participating companies requested government support for stable investment and procurement. Minister Kim stated that challenges faced by companies will be addressed by utilizing resource cooperation channels with Brazil, Chile, and Argentina, and that 'government-to-government' and 'business-to-business' cooperation will be further strengthened.

At the "Korea-Chile Business Roundtable" jointly hosted by the Ministry of Trade, Industry and Energy and the Korean Chamber of Commerce and Industry, cooperation strategies were discussed for future promising industries such as critical minerals, AI and digital, eco-friendly energy, and the defense industry. Alongside efforts to expand cases of collaboration between LS MnM and the Chilean state-owned copper company, Naver proposed cooperation in AI technology, while Hanwha Ocean presented strategies for cooperation in shipbuilding, marine, and the defense industry. OCI Holdings and Hyundai Motor Company also shared cooperation plans regarding eco-friendly energy and mobility.

This visit also yielded results in investment collaboration and the defense sector. KOTRA signed an investment cooperation MOU with the Chilean Investment Promotion Agency, establishing a framework for sharing investment information, discovering promising projects, and addressing corporate challenges. In addition, a defense contract was signed for the supply of military vehicles, laying the foundation for additional cooperation in subsequent procurement, training, and maintenance support.

The "Korea-Chile Business Partnership" event, separately organized by the Ministry of Trade, Industry and Energy and KOTRA, saw the participation of approximately 30 South Korean small and medium-sized enterprises and over 50 local buyers, resulting in more than 120 export consultations and contracts worth about USD 5 million.

Minister Kim commented, "As Chile is a key hub for entering Latin America, the government will actively support export and investment facilitation and help resolve challenges so that our companies can enter the market stably and achieve tangible export results."

This content was produced with the assistance of AI translation services.