Chile's Youngest President Visits Korea for the First Time... Energy Cooperation with Samsung and LG

[Financial News] Gabriel Boric, the President of Chile, is set to visit Korea for the first time since taking office. As the youngest president in Chile's history, President Boric is expected to meet with Korean companies operating in Chile to discuss investment cooperation in energy, infrastructure, and key minerals. After these meetings, he will travel to Gyeongju, where the 2025 Asia-Pacific Economic Cooperation (APEC) summit will be held, to participate in the summit. Chile was the first Latin American country to sign a Free Trade Agreement (FTA) with Korea.
According to industry sources on the 26th, President Boric will depart Chile on the 28th and is scheduled to visit Korea around the 30th. He will be accompanied by officials from the Chilean Ministry of Agriculture, the Chilean Trade Promotion Agency, and the National Agricultural Association.
This marks President Boric's first visit to Korea since his inauguration in 2022.
During his visit, President Boric is expected to hold a series of meetings with Korean companies investing or operating in Chile. Currently, Korean firms in Chile include Samsung Electronics, Samsung C&T, LG Electronics, POSCO E&C, Qcells, LS MnM, Hyosung Heavy Industries, Hankook Tire & Technology, Hyundai Corporation, and others.
He is especially likely to meet with executives from LS MnM, which operates in Chile in the form of a manufacturing subsidiary. LS MnM runs a precious metals recovery plant in Chile through its subsidiary PRM. PRM is a joint venture established by LS MnM and Corporación Nacional del Cobre de Chile (Codelco), with LS MnM holding a 66% stake. The company generates revenue by recovering precious metals such as gold, silver, palladium, and platinum.
A meeting with POSCO E&C is also possible. POSCO E&C previously secured contracts to build the Ventanas and Angamos coal-fired power plants in Chile in 2006 and 2007, respectively. President Boric also plans to meet with representatives from various companies with local subsidiaries in Chile, including Samsung, LG, and Qcells, to discuss broad investment cooperation.
On the 30th, President Boric will attend the Korea-Chile Business Forum at the Shilla Hotel in Seoul, where he is scheduled to meet with Jin-Shik Yun, Chairman of the Korea International Trade Association (KITA). Officials from Chile's trade and investment promotion agency will also participate to discuss sustainable development.
Afterward, President Boric will move to Gyeongju to attend the APEC summit. Industry insiders are focusing on the possibility of national-level discussions regarding key minerals, which have recently attracted significant attention. Chile holds the world's largest reserves of lithium. Lithium is widely used in advanced industries, including battery manufacturing, materials, and alloys, where Korea has a competitive edge. In particular, lithium is essential for producing lithium iron phosphate batteries (LFP batteries), which are crucial for Energy Storage Systems (ESS).
Meanwhile, during his visit, President Boric will also meet with former UN Secretary-General Ban Ki-moon. At this meeting, President Boric is expected to request support for former President Michelle Bachelet, who is considered a potential candidate for the next UN Secretary-General. Michelle Bachelet served as Chile's president twice, from 2006 to 2010 and from 2014 to 2018. During Ban Ki-moon's tenure, she also served as Executive Director of the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women).
kjh0109@fnnews.com Kwon Jun-ho Reporter