President Lee Jae Myung, who is currently on an official trip to Chile, met with President José Antonio Kast on July 30 (local time) and reached an agreement to enhance collaboration in creating a reliable critical mineral supply chain. After the meeting, President Lee made remarks during a joint press conference, saying, “Chile, the world’s leading copper producer and the nation with the biggest lithium reserves, and South Korea, a pioneer in advanced industries like semiconductors and batteries, are clearly natural and ideal partners in developing a critical mineral supply chain.”
President Lee signed a Memorandum of Understanding (MOU) on a Mineral Resource Partnership with President Kast following their meeting at the presidential palace in Santiago, the capital of Chile. The agreement involves upgrading and formalizing the bilateral ‘Mineral Resource Partnership Joint Committee’ to the ministerial level and broadening collaboration throughout the entire lifecycle of critical minerals such as lithium and copper—ranging from extraction to processing and manufacturing. Cheong Wa Dae mentioned, “This institutional structure will improve the stability of Chile’s mineral supply, which is worth 2.1 billion dollars (around 3 trillion Korean won) each year, and assist South Korean companies in making local investments.”
Three more memorandums of understanding were signed to enhance mutual investment and cooperation in security and maritime safety. The current agreement on polar research was extended to cover environmental, ecological, and Antarctic governance areas. Chile acts as the access point to the King Sejong Science Base in Antarctica. Both parties also consented to create a structural foundation for enhanced partnership in defense and shipbuilding.
In this context, President Kast, mentioning the continued collaboration in Antarctic research, extended an invitation to President Lee to visit Antarctica, stating, “In that spirit, I hope you will visit Antarctica.”
The leaders decided to restart the ‘Korea-Chile FTA Free Trade Committee’ following a ten-year hiatus and to speed up the updating of the FTA. The Korea-Chile FTA, which marks South Korea’s initial trade agreement with another nation, has been active since 2004. After more than two decades, there is an increasing necessity to account for shifts in economic and trade circumstances.
In an interview with EFE, a Spanish-language news organization, before his trip to Chile, President Lee remarked, “The current economy is being reshaped around digital trade, artificial intelligence (AI), clean technology, robust supply chains, and shifts toward carbon neutrality. The FTA needs to adapt to this new situation.”
At the combined press conference, President Lee stated, “We have decided to examine trade and investment matters and explore methods to strengthen bilateral trade relations, including advantageous modifications to the Korea-Chile FTA.” President Kast also mentioned that modernizing the FTA “will help in strengthening the ties between the two nations.”
President Lee outlined the bilateral ties by saying, “Although we are geographically far apart, we are long-standing allies with a unique and treasured history, facing each other across the Pacific.” During a dinner meeting with fellow citizens the day before, he noted that Chile was the first Latin American nation to officially recognize the Republic of Korea in 1949, and he added, “Although it is one of the farthest countries, we are linked by strong friendship.”
President Kast mentioned the Korean saying, “A blank sheet of paper feels lighter when carried together,” and stated, “The trade of critical minerals between Korea and Chile can be viewed in this light.” He also noted, “Chilean wines and fruits hold a prominent place in Korean homes, and Chileans are becoming more connected to Korean culture through K-pop and BTS,” reflecting the growing warmth between the two countries.
President Kast extended an invitation to President Lee, stating, “Please think of Chile as your second home.” President Lee replied, “On behalf of the South Korean people, I appreciate your kind words. I am eager to meet you in South Korea soon.”
President Lee participated in a business discussion with Korean and Chilean business leaders on the afternoon of July 30, following which he traveled to Argentina, concluding his South America trip.
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