South Korea, Chile sign five MOUs, deepen lithium and copper cooperation

South Korea and Chile signed five memorandums of understanding on Thursday, including a mineral resources partnership aimed at strengthening cooperation on lithium and copper supply chains, after a summit between President Lee Jae Myung and Chilean President Jose Antonio Kast in Santiago.

The agreements covered mineral resources, police cooperation, Antarctic research, maritime safety and security, and investment promotion between KOTRA and InvestChile, according to South Korea’s presidential office.

Lee said the two countries were “natural and ideal partners” in critical minerals, noting that Chile is the world’s largest copper producer and holds the world’s largest lithium reserves, while South Korea is a global leader in semiconductors, batteries and other advanced industries.

The mineral partnership elevates bilateral cooperation to the ministerial level and is designed to expand collaboration across the minerals value chain, including information-sharing, technology cooperation and human exchanges involving key resources such as lithium and copper.

The leaders also agreed to restart the South Korea-Chile FTA joint committee for the first time in a decade to discuss modernising the 2004 trade pact and boosting bilateral investment.

South Korea’s presidential office said the deal would help secure more stable supplies of Chilean critical minerals, currently worth about $2.1 billion annually, while supporting Korean companies seeking to expand locally.

(Reporting by Kyu-seok Shim; Editing by Stephen Coates)