Lee Opens $1.4 Trillion AI Cooperation and Expands Latin American Supply Chains... Completes 7-Night, 11-Day Tour

‘Full Stack Alliance’ with Big Tech in San Francisco... 5GW AI Data Center Planned
Diversifying Core Minerals and Energy with Brazilian Rare Earths, Chilean Lithium, and Argentine Oil
Restarting Mercosur Negotiations and Modernizing Chile FTA...

President Lee Jae-myung has completed a 7-night, 11-day overseas tour, laying out frameworks for artificial intelligence (AI) and semiconductor cooperation with global big tech companies in San Francisco, and expanding core mineral and energy supply chains in three South American countries: Brazil, Chile, and Argentina. Through this trip, President Lee further detailed his vision of positioning Korea as a central axis in the global AI supply chain by connecting U.S. technology and capital, Korea's semiconductor and manufacturing capabilities, and South American resources. As part of Korea’s 'Global South' diplomacy, he also agreed to resume Korea-Mercosur (Southern Common Market) trade negotiations within this year and to restart the Korea-Chile Free Trade Committee for the first time in a decade.

President Lee Jae-myung is speaking at the San Francisco AI Summit held at The Midway in San Francisco, USA, on the 24th (local time). From left to right: Euisun Chung, Executive Chair of Hyundai Motor Group; Sam Altman, CEO of OpenAI; Jay Y. Lee, Chairman of Samsung Electronics; Jensen Huang, CEO of Nvidia; President Lee Jae-myung; Hock Tan, CEO of Broadcom; Chey Tae-won, Chairman of SK Group; Dario Amodei, CEO of Anthropic; and Lee Hae-jin, Chair of the Board at Naver. July 25, 2026, Yonhap News.

According to the Office of the President and government sources on the 3rd, aside from business-to-business cooperation, a total of 13 intergovernmental cooperation documents were signed during the trip. These included 12 memorandums of understanding (MOUs) and one memorandum of cooperation (MOC). In the United States, companies signed two MOUs, one investment agreement, and two commercial contracts. In Brazil, businesses signed seven MOUs. Additional achievements included an export contract for military vehicles to Chile and the final conclusion of a double taxation avoidance agreement between Korea and Argentina.

The 'Full Stack Alliance' for AI and Semiconductors Takes Shape in San Francisco

The tour began in San Francisco, USA. On July 24 (local time), President Lee met with Jensen Huang, CEO of Nvidia; Sam Altman, CEO of OpenAI; Dario Amodei, CEO of Anthropic; and Hock Tan, CEO of Broadcom, to discuss investment and business collaboration. Jay Y. Lee, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group; Euisun Chung, Executive Chair of Hyundai Motor Group; and Lee Hae-jin, Chair of the Board at Naver, also attended.

In the 'San Francisco AI Declaration,' President Lee said, "Korea will rise as an irreplaceable core nation in the global AI supply chain." His vision is to establish a domestic 'AI full stack' ecosystem encompassing AI semiconductors, data centers, AI models, and 'physical AI' such as robots and autonomous driving.

Over the next five years, domestic companies and global big tech firms will pursue semiconductor cooperation worth 950 billion dollars (approximately 1,375 trillion won). Samsung Electronics and Broadcom signed an MOU worth 200 billion dollars in advanced memory and AI chip foundry businesses, while SK is pursuing a long-term advanced memory supply agreement worth 750 billion dollars with Nvidia and others.

Plans also include building an AI data center (approximately 5GW capacity) capable of operating two million Nvidia B200 graphic processing units (GPUs). SK Telecom will construct a data center of up to 2GW with Nvidia and receive priority allocation of the next-generation GPU, 'Vera Rubin.' Naver is developing a 10 billion dollar AI factory with Nvidia and Brookfield, while Hyundai Motor Group and Samsung SDS are collaborating in the robotics platform and enterprise AI sectors, respectively. Policy chief Kim Yongbeom of the Office of the President commented, "In all three major megaproject areas — semiconductors, AI data centers, and physical AI — we have established concrete investment and cooperation plans with global partners."

Targeting Brazil's Rare Earths and Mercosur... Securing Lithium and Copper in Chile, Oil from Argentina

President Lee Jae-myung and Brazilian President Luiz Inácio Lula da Silva made finger heart gestures toward the press after a joint press conference at the Presidential Palace in Brasilia on the 27th (local time). 2026.7.28 Yonhap News Agency

From July 26 to 29, President Lee made a state visit to Brazil, where he and President Luiz Inácio Lula da Silva adopted a joint presidential statement and a four-year action plan. The two countries also signed cooperation documents in seven areas: space, energy, industrial technology, education, sports, films, and cybersecurity. They agreed to collaborate across the entire supply chain of key minerals such as rare earths, from exploration, mining, and refining, to processing and product manufacturing. The Korea-Mercosur trade negotiations will resume this year, and a working group will be formed. President Lee stated, "A trade agreement between Korea and Mercosur is an urgent and critical task that can no longer be postponed."

Additionally, the two countries are working to establish a joint defense industry committee and sign an agreement for the protection and exchange of military confidential information. Building on the Korean Air Force’s decision to introduce Brazil’s C-390 transport aircraft, the two nations will expand cooperation in aviation, launch private sector rockets using the Alcântara Space Center, and share satellite data.

Following this, President Lee made an official visit to Chile from July 29 to 30, where he and President Jose Antonio Kast initiated the modernization of the Korea-Chile Free Trade Agreement (FTA). The Free Trade Committee, which had not convened for 10 years, was reactivated to expand cooperation in digital trade and investment, advanced industries, and supply chains.

Notably, the two countries signed an MOU for a mineral resource partnership and upgraded their cooperation channel from the director-general level to the ministerial level. The two sides will work together from the exploration, mining, refining, and processing of lithium and copper to technology development and talent exchange. President Lee stated, "Resource-rich Chile and Korea, a leader in semiconductors and batteries, are naturally ideal partners in establishing a core mineral supply chain."

During President Lee’s visit to Argentina, the main agenda items were lithium and crude oil. The two countries signed an MOU on key minerals to promote investment and joint projects throughout the lithium value chain and agreed to expand cooperation to include copper and other resources. Korean companies, having piloted the import of 880,000 barrels of Argentine oil this year, will pursue full-scale imports from next year while also expanding cooperation in natural gas and nuclear energy. The double taxation avoidance agreement between Korea and Argentina was finalized, and the Economic Joint Committee and Energy and Resources Cooperation Committee will resume operations.

Connecting U.S. Technology and South America’s Core Resources... The Key Lies in Making Achievements Concrete

President Lee Jae-myung and First Lady Kim Hye-kyung greet farewell guests at Air Force One at Frankfurt International Airport, Germany, on the 2nd (local time). 2026.8.3 Yonhap News Agency
Photo by Yonhap News Agency

The Office of the President explained that the significance of this tour lies in securing technology, capital, and demand for the AI supply chain in the U.S. and strengthening mineral and energy supply chains in South America. National Security Office chief Wi Sunglak commented, "This has become an opportunity for Korea to go beyond being a powerhouse in memory semiconductors and establish itself as a central axis in the vast global AI supply chain."

However, a considerable portion of the announced projects is still in the MOU, cooperation intention, or agreement-to-resume negotiation stages, which must be followed up to ensure effectiveness. The 950 billion dollar semiconductor cooperation, the Korea-Mercosur trade deal, and the Korea-Chile FTA modernization must all result in actual contracts and investments. For core mineral collaborations, concrete arrangements for local processing and profit-sharing systems are also required. The ultimate success of this overseas tour depends on how well these broad plans, presented on the diplomatic stage, are translated into tangible results such as domestic investment, job creation, and stable resource procurement.

Meanwhile, after concluding a meeting with the Korean community in Frankfurt, Germany, on August 2, President Lee is scheduled to return home on the 3rd and immediately resume duties at the Office of the President, where he will review domestic issues including real estate policy and the stock market. After addressing economic and livelihood concerns accumulated during his trip, President Lee plans to tighten his grip on state affairs by receiving work reports from 27 ministries and agencies over the next two days.

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