President Lee Jae-myung, on an official visit to Chile, speaks at the Korea-Chile Business Roundtable held at a hotel in Santiago, Chile, on Oct. 30 (local time). Reporter Kwon Wook
President Lee Jae-myung, on an official visit to Chile, shakes hands with attendees at the Korea-Chile Business Roundtable held at a hotel in Santiago, Chile, on Oct. 30 (local time). Reporter Kwon Wook
President Lee Jae-myung, on an official visit to Chile, said on the 30th that “I hope Korea and Chile can turn the crisis of upheaval in the global economic order into a new opportunity for shared prosperity.”
Lee made the remarks at a business roundtable event attended by business leaders from Korea and Chile at a hotel in Santiago, saying, “This is a time of great transition for the global economy.” He described Chile as “the Republic of Korea’s first free trade agreement (FTA) partner and a key gateway connecting the Asia-Pacific region and Latin America,” adding that it is “a trusted partner with which we have cooperated closely over a long period, based on the common values of free trade and a market economy.”
He continued, “Chile is a world-class producer of lithium and copper and a core supply base for the global eco-friendly industry, while Korea has world-class competitiveness in advanced manufacturing fields such as batteries, advanced materials, automobiles, semiconductors and artificial intelligence (AI).” He added, “I am confident that Chile, rich in critical minerals, and Korea, a powerhouse in advanced manufacturing, are optimal cooperation partners for achieving common growth.”
Lee said, “In the critical minerals sector, the two countries already have successful cases of cooperation,” adding, “I hope models such as the joint venture between Korea’s LS and Chile’s state-owned company Codelco will expand further.” He also stressed, “If the two countries join forces, we will be able to create remarkable synergy in various sectors, not only in the supply, value creation and supply chains of critical minerals, but also in advanced manufacturing and defense.”
Lee said, “When the FTA was signed in 2004, the main interest was in expanding trade in agricultural and mineral products, but now, more than 20 years later, I hope the two countries will further broaden new aspects of future cooperation.” At the same time, he pledged, “Our government will spare no support so that the companies of both countries can lead the market together.”
At the event, 11 business leaders from Korea attended, including POSCO Chairman Chang In-hwa, LS Chairman Koo Ja-eun and Korea Zinc Chairman Choi Yun-birm, while 11 figures from Chile’s business community were also present.
Chilean Deputy Foreign Minister Patricio Torres said in a welcoming address, “In today’s international environment of growing uncertainty, it is more important than anything to expand cooperation with countries that have trust, institutional stability and clear norms, and to diversify markets.” He added, “Chile and the Republic of Korea are cooperating closely in various consultative bodies such as the World Trade Organization (WTO),” and said, “I hope Korea will also pursue joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) so that the foundation for economic integration shared by the two countries will expand.”
Lee Woo-hyun, chairman of OCI Holdings and head of the Korea Chamber of Commerce and Industry’s Korea-Chile private-sector economic cooperation committee, said, “Now, cooperation between the two countries is expanding further from critical minerals to future industries such as supply chains, AI and digital, and eco-friendly energy,” adding, “I hope the two countries will develop into reliable partners that grow deeper over time.”