President Lee Says South Korea and Chile Are the Best Partners, as Business Delegation Includes Chang In-hwa and Koo Ja-eun

[Financial News, Santiago, Chile = Choi Jong-geun]President Lee Jae-myung said on the 30th local time, "I am convinced that Chile, which is rich in critical minerals, and South Korea, a powerhouse in advanced manufacturing, are ideal partners for shared growth."
Speaking at the Korea-Chile Business Roundtable in Santiago, Chile, Lee said, "Chile is a leading global producer of lithium and copper, and a key supply base for the world's green industries. South Korea has world-class competitiveness in advanced manufacturing, including batteries, advanced materials, automobiles, semiconductors and artificial intelligence (AI)."
Lee said, "We are now in a period of major transformation in the global economy. Cooperation between countries that share values and trust is more important than ever." He added, "South Korea and Chile are trusted partners that have worked closely together for a long time based on shared values of free trade and market economy."
He also stressed, "The Korea-Chile Free Trade Agreement signed in 2004 was South Korea's first free trade agreement, and trade between the two countries has grown more than fourfold over the past 20 years."
Lee noted, "At the time the free trade agreement was signed, the main focus was on expanding trade in agricultural and industrial goods. But more than 20 years later, the scope of cooperation has expanded across many areas, and the two countries are becoming strategic partners preparing for the future together." He added, "Based on this strong history of trust, I hope South Korea and Chile will broaden new dimensions of future cooperation even further."
In particular, he emphasized, "We already have successful examples of cooperation in the high-value-added processing of critical minerals. I hope models such as the joint venture between South Korea's LS Group and Chilean state-owned Codelco can expand further." He added, "If the two countries join forces like this, I am confident we can create remarkable synergies of cooperation across a wide range of sectors, not only in the high-value-added processing of critical minerals and supply chains, but also in advanced manufacturing and defense industries."
There was also a call for South Korea and Chile to turn the current period of upheaval in the global economic order into a new opportunity for shared prosperity.
Lee said, "The government will also provide full support so that companies from both countries can work together and lead the global market."
Attending the event were business leaders from South Korea, including Lee Woo Hyun, chairman of OCI Holdings and head of the Korea Chamber of Commerce and Industry's Korea-Chile private economic cooperation committee; Chang In-hwa, chairman of POSCO; Koo Ja-eun, chairman of LS Group; Choi Yoon-bum, chairman of Korea Zinc; Ryu Jae-cheol, president of LG Electronics; Jung In-sub, president of Hanwha Ocean; Choi Soo-yeon, CEO of Naver; Jang Jae-hoon, vice chairman of Hyundai Motor Group; and Lee Dong-hoon, CEO of SK Biopharmaceuticals.
Before the business roundtable, President Lee and Chilean President José Antonio Kast held a summit at the Santiago Presidential Palace and agreed to discuss improvements to the Korea-Chile FTA to promote shared growth, while further expanding trade and investment cooperation. Lee also said, "We exchanged in-depth views on cooperation in major economic frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Pacific Alliance (PA) and the Digital Economy Partnership Agreement (DEPA)."
The two sides also plan to pursue mutually beneficial, future-oriented cooperation in strategic areas such as critical mineral supply chains, infrastructure, public safety and the defense industry. Lee said, "Chile, a major resource-rich country that ranks first in copper production and first in lithium reserves, and South Korea, a leader in advanced industries such as semiconductors and batteries, are clearly natural and ideal partners for building critical mineral supply chains."
Meanwhile, South Korea and Chile signed five memorandums of understanding on mineral resources, public safety, polar research, maritime safety and security, and investment cooperation on the occasion of the summit.
First, the MOU on the mineral resources partnership includes upgrading the joint committee on the mineral resources partnership to ministerial level, establishing a working-level channel at the director-general level, promoting cooperation across the full cycle of key minerals such as lithium and copper, and advancing technological cooperation and personnel exchanges.

[email protected] Choi Jong-geun Reporter