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South Korea to Establish $20 Billion Sovereign Wealth Fund for Strategic Investments The South Korean government plans to create a strategic sovereign wealth fund worth 20 trillion won (approximately $15 billion) by utilizing shares from public institutions such as the Korea Development Bank, Export-Import Bank, and Industrial Bank of Korea. The fund aims to invest directly in national strategic industries, including artificial intelligence (AI), semiconductors, robotics, and defense, while also serving as an 'anchor investor' to attract foreign sovereign funds to invest domestically.On July 31, the government announced the 'Korean-style Strategic Sovereign Fund Implementation Plan' during a meeting of the Emergency Economic Headquarters, which also included discussions on economic relations and special management of living costs. The plan includes the establishment of a strategic investment account within the Korea Investment Corporation (KIC), with investments expected to begin next year.While the existing KIC operates as a 'savings-type sovereign fund' that invests overseas based on foreign exchange reserves, the new account will focus on enhancing the competitiveness and potential growth rates of domestic strategic industries. It will maintain a strict separation from the existing account that manages foreign exchange reserves in terms of funding and investment decision-making.Public Institution Shares to Fund Initial CapitalThe initial capital will be sourced from approximately 16 trillion won in public institution shares held by the government, along with about 4 trillion won in shares received in lieu of inheritance and gift taxes. The government plans to contribute these shares to KIC while retaining management rights over the public institutions, using the dividends generated from these shares as investment resources.However, the sovereign fund will not be able to deploy 20 trillion won in cash immediately upon launch. Min Kyung-seol, head of the Ministry of Economy and Finance's Innovation Growth Office, stated, "We are not planning to sell public institution shares right away for investment purposes. We expect the initial cash resources to be around 600 billion won."Shares received in lieu of inheritance and gift taxes may be sold if necessary. The total fund size is set at 20 trillion won plus additional resources, considering the potential increase in the valuation of public institution shares and future government contributions.Long-term Direct Investments to Share Growth BenefitsThe fund will target investments in sectors such as AI, semiconductors, robotics, defense, biotechnology, energy, materials, components, equipment, nuclear power, aerospace, quantum technology, content, software, and security. It will also include investments in critical industrial infrastructure like AI data centers and energy clusters, as well as foreign supply chain companies that complement domestic industry value chains.The fund will focus on direct equity investments rather than loans or guarantees, with no set maturity or liquidation date. If the invested companies experience long-term growth, the fund will retain its equity to share the benefits of increased corporate value with the government and the public. The fund will exercise voting rights based on its equity stake and may engage in corporate management when necessary.Min stated regarding management participation, "We have not yet established specific criteria, but we are fundamentally considering a stewardship code level of involvement. We will develop a detailed system to fulfill the role of a strategic investor."Filling Gaps in Policy Fund Investments and Attracting Foreign CapitalWhile the sovereign fund may overlap with existing policy funds like the National Growth Fund and the Fund of Funds in terms of investment targets, it differs in investment duration and approach. The National Growth Fund has a strong policy focus and combines loans with indirect investments, whereas the strategic sovereign fund emphasizes profitability through direct equity investments and ultra-long-term holdings.The fund will also pursue 'relay investments' by acquiring shares of high-growth companies when existing policy funds reach maturity, aiming to fill the gap left when promising company shares are sold to foreign capital or when policy financing support is halted.Additionally, the fund will facilitate joint investments with foreign sovereign funds and global asset management firms. With growing interest from foreign investors in the government's semiconductor, physical AI, and AI data center mega-projects, KIC aims to participate as a trusted domestic partner to attract follow-up investments.Min noted, "We continue to receive inquiries about domestic investments, including the three mega-projects, and it is essential to emphasize the role of the strategic sovereign fund in joint investments and network building with foreign sovereign funds."Benchmarking Temasek; Target Returns and Financial Reinvestment Criteria to be DeterminedThe operational model will primarily reference Singapore's Temasek. Similar to Temasek, the fund will invest directly in strategic industry companies without establishing a separate institution, utilizing KIC's existing global investment experience and network.Specific target returns have not yet been set. Ko Kwang-hee, director of strategic economic policy at the Ministry of Economy and Finance, stated, "In overseas cases, typical strategic investments yield around 8-10% annually, while alternative investments can achieve double-digit returns. We will establish target returns as detailed investment principles are developed after the fund is operational."The government has decided to limit the assets and operational profits of the strategic investment account to reinvestment, government dividends, and national treasury recovery. However, the specific allocation ratio between reinvestment and financial recovery will be determined later, and the government plans to pursue tax exemption benefits for operational profits.Individual investment decisions will be made independently by the KIC board and its investment committee. The government will only provide broad strategic direction for industry investments through an operational committee and will not interfere in routine investment decisions. The number of private members on the operational committee will be increased from six to nine, and new executives and staff dedicated to the strategic investment account will be hired.The government plans to propose amendments to the Korea Investment Corporation Act next month, aiming for passage in the National Assembly by the end of the year. Following legal amendments, regulatory adjustments, and the establishment of investment and risk management systems, the strategic sovereign fund is expected to be operational by next year.* This article has been translated by AI. 2026-07-31 08:32:00 -
China Protests U.S. Ban on Robot Imports Amid Trade Tensions China's Vice Premier He Lifeng expressed strong regret during a phone call with U.S. Treasury Secretary Scott Bessen on July 30, following the announcement of a U.S. ban on imports of Chinese-made robots.According to China's state-run Xinhua News Agency, He and Bessen discussed the progress of recent U.S.-China economic and trade negotiations and addressed key economic issues between the two nations. This call marked the first high-level economic contact since the U.S.-China summit in May.During the conversation, He voiced serious concerns regarding a series of recent economic and trade restrictions imposed by the U.S. He emphasized the need to faithfully implement the consensus reached during the U.S.-China summit and to resolve economic and trade differences through dialogue and consultation.He’s remarks were interpreted as a reference to the U.S. ban on imports of Chinese robots.On July 29, the Federal Communications Commission (FCC) announced a ban on the import and sale of advanced mobile robots, including humanoid and quadrupedal robots from China, citing national security concerns. The U.S. government claims that these Chinese robots could be misused for surveillance, information gathering, and remote control.In response, China has strongly opposed the U.S. actions, arguing that the U.S. is undermining normal trade order under the guise of national security. A spokesperson for the Chinese Ministry of Commerce criticized the U.S. measures on July 30 as a "unilateral act that distorts market principles" and called for their withdrawal, warning that China would take countermeasures if necessary. He Lifeng's protest against the U.S. robot import ban follows this statement from the Ministry of Commerce.Meanwhile, Secretary Bessen stated on social media that he emphasized during the discussion with He that he expects Beijing to fully honor its commitments regarding rare earths and U.S. agricultural products.This phone call between the economic leaders of the U.S. and China is seen as an effort to manage economic and trade tensions ahead of a planned U.S.-China summit expected in September. 2026-07-31 08:32:00
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Kim Min-ha Selected as Sole Host for 31st Busan International Film Festival Opening Ceremony 배우 김민하가 제31회 부산국제영화제 개막식 단독 사회자로 나선다. 부산국제영화제는 오는 10월 6일부터 15일까지 열리는 제31회 부산국제영화제 개막식 사회자로 김민하를 선정했다고 밝혔다. 김민하는 2016년 데뷔 이후 스크린과 TV를 오가며 필모그래피를 쌓아왔다. 특히 애플TV 시리즈 ‘파친코’에서 젊은 선자 역을 맡아 시대의 격랑 속에서도 강인하게 살아가는 인물을 섬세하게 그려내며 주목받았다. 이 작품으로 김민하는 2022 아시안아메리칸어워즈 TV부문 신인상을 받으며 해외 무대에서도 존재감을 알렸다. 이후 드라마 ‘조명가게’, ‘내가 죽기 일주일 전’, ‘태풍상사’, 영화 ‘하나 코리아’ 등 다양한 작품에 출연하며 활동을 이어왔다. 2025 서울드라마어워즈 국제경쟁부문 여자연기자상, 2025 청룡시리즈어워즈 신인여우상, 2026 대한민국 퍼스트브랜드 대상 여자배우상 라이징스타 부문 등을 수상했다. 부산국제영화제 측은 작품마다 인물의 내면을 깊이 있게 표현해온 김민하의 행보에 주목해 개막식 사회자로 선정했다고 설명했다. 부산국제영화제는 지난해 경쟁부문을 도입한 뒤 올해 새로운 도약을 이어간다. 김민하는 제31회 부산국제영화제의 시작을 알리는 개막식에서 단독 사회를 맡아 국내외 영화인과 관객을 만날 예정이다. 제31회 부산국제영화제는 오는 10월 6일부터 15일까지 영화의전당 일대에서 열린다.* This article has been translated by AI. 2026-07-31 08:24:00
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June Industrial Production Rises 2.3% with Triple Increases in Consumption and Investment Last month, industrial production increased by 2.3% compared to the previous month, driven by growth in both mining and service sectors, along with rising retail sales and facility investment, marking a 'triple increase' for the first time in three months.According to the National Data Agency's 'June Industrial Activity Trends' report released on July 31, the overall industrial production index reached 120.1 (2020=100), with mining (6.4%) and services (0.7%) both showing increases, resulting in a 2.3% rise from the previous month.Mining production was bolstered by increases in automobile (15.4%) and semiconductor (4.5%) manufacturing. The service sector saw growth primarily in finance and insurance (2.8%) and transportation and warehousing (2.0%).Retail sales, reflecting consumer sentiment, were also driven by automobiles. Durable goods, including passenger cars, rose by 12.6%, leading to an overall retail sales increase of 2.7% compared to the previous month.Facility investment improved by 5.8% from the previous month, with transportation equipment, particularly precision machinery and automobiles, increasing by 3.4%.Construction performance also saw a 4.1% increase from the previous month, with growth in both non-residential and residential building projects, including semiconductor factories.The coincident composite index, which indicates the current economic trend, rose by 0.5 points from the previous month, while the leading composite index, which forecasts future economic conditions, increased by 0.9 points.* This article has been translated by AI. 2026-07-31 08:24:00
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YouTuber Shuka's Live Stream Misinterpreted as SK Hynix Purchase by Chairman Choi During a live broadcast, economic YouTuber Shuka captured a large purchase of SK Hynix shares, which was mistakenly reported online as a transaction by Choi Tae-won, chairman of SK Group. However, it has been confirmed that the two transactions were unrelated.On July 31, posts circulated on online communities and social media claiming that Shuka had witnessed Choi's purchase during his YouTube live stream, where he exclaimed, "Wow, someone just bought 3,600 shares in one go!"In the video, as the market was about to close, Shuka observed a large buy order for SK Hynix and expressed his astonishment, saying, "Wow, someone just bought 3,600 shares in one go! That's impressive! How much is that? I can't even calculate it!"Shortly after, the Financial Supervisory Service's electronic disclosure system reported that Choi had purchased 3,620 common shares of SK Hynix on the market, leading to the interpretation that Shuka had witnessed Choi's transaction in real-time.However, sources clarified that this interpretation was incorrect. A representative told Aju Economy, "Shuka's live broadcast took place on July 29, while the disclosure of Choi's stock purchase was made on July 30, indicating they occurred at different times."Additionally, the price at which the transaction mentioned in Shuka's broadcast was executed differed from the actual acquisition price reported in the disclosure, further confirming that they were not the same transaction.As a result, the claim that 'Shuka intuitively witnessed Choi's purchase of 3,620 shares in real-time' has been debunked.Meanwhile, according to the Financial Supervisory Service's electronic disclosure system on July 30, SK Hynix reported that Choi had purchased 3,620 common shares. Based on the closing price of 1,322,000 won on that day, the transaction was valued at approximately 4.785 billion won, although the actual acquisition cost may vary based on the intraday execution price.In response to the incident, netizens commented, "Real-time intuition? That's funny," "He could have bought more if he was doing well," "Tae-won," "Isn't he overextending himself given the current earnings?" "The market will definitely rise when it opens today," "The buy sidecar is confirmed for today," and "Is Choi Tae-won's average purchase price 1,398,000 won?" 2026-07-31 08:04:00
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Trump Announces Agreement for Complete Disarmament of Hamas, Gradual Israeli Withdrawal President Donald Trump announced that an agreement has been reached for all armed groups in the Gaza Strip, including the Palestinian militant group Hamas, to completely disarm.On July 30, Trump stated on social media platform Truth Social that the "Board of Peace" has achieved a historic agreement to fully disarm Hamas and all armed factions in Gaza.He described the agreement as a crucial step in implementing his "20-point Gaza Peace Plan."The disarmament will be carried out in phases. As Hamas and other armed groups lay down their weapons, Israeli forces will withdraw accordingly. Following this, an International Stabilization Force (ISF) and a newly formed Palestinian police will be responsible for maintaining order in Gaza.Control of Gaza will also transition from Hamas to a new Palestinian government. Trump stated, "The new government will work with the Board of Peace to govern the Gaza Strip."The disarmament will include not only various weapons but also military facilities such as tunnels and arms production sites. Recent negotiations have discussed the phased disposal of large weapons and small arms held by Hamas, as well as the dismantling of tunnels and arsenals.If the agreement is implemented, it could mark a significant step toward resolving the disarmament issue, which has been a major obstacle in Gaza peace negotiations.However, specific details of the agreement and its implementation require further confirmation. Reports prior to Trump's announcement indicated conflicting information regarding whether Hamas had finalized its approval of the agreement, and Israel has maintained that a complete disarmament must be verified before any further withdrawal can occur.Trump expressed gratitude to Egypt, Qatar, and Turkey for mediating the negotiations, emphasizing, "We will not allow the threats that occurred in Gaza on October 7 to be rebuilt."* This article has been translated by AI. 2026-07-31 07:52:00
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Korea's Lee heads for Argentina after state visit to Chile SEOUL, July 31 (AJP) -President Lee Jae Myung called Thursday for South Korea and Chile to transform mounting global economic uncertainty into an opportunity for deeper cooperation, urging the two countries to modernize their two-decade-old free trade agreement and broaden collaboration from critical minerals to advanced manufacturing and defense industries. Speaking at a Korea-Chile Business Roundtable in Santiago attended by business leaders from both countries, Lee said the changing global economic order made closer partnerships between Asia and Latin America more important than ever. "South Korea and Chile should turn today's turbulent global economic environment into a new opportunity for shared prosperity," Lee said. Lee described Chile as South Korea's first free trade agreement partner and a strategic gateway linking the Asia-Pacific region with Latin America. While Chile has emerged as one of the world's largest producers of lithium and copper — minerals essential for electric vehicles and clean-energy technologies — South Korea has established global leadership in batteries, advanced materials, automobiles, semiconductors and artificial intelligence, making the two economies highly complementary, he said. "The two countries are ideal partners," Lee said. He cited the joint venture between South Korea's LS Group and Chilean state-owned copper producer Codelco as a model for future cooperation, expressing hope that similar partnerships would expand. "If we combine our strengths, we can create remarkable synergies not only in critical-mineral supply chains and value creation, but also in advanced manufacturing and the defense industry," Lee said. The president also stressed that the Korea-Chile FTA, which entered into force in 2004 as South Korea's first bilateral trade agreement, should be upgraded to reflect new economic realities. "Twenty years ago, expanding agricultural and mineral trade was the main focus. Now it is time to broaden our partnership into future industries," Lee said, pledging government support for businesses from both countries. The business forum brought together 11 executives from each side, including POSCO Group Chairman Chang In-hwa, LS Chairman Koo Ja-eun and Korea Zinc Chairman Choi Yun-beom. Chile also used the occasion to call for deeper economic integration. Deputy Foreign Minister Patricio Torres said countries with trusted institutions and stable rules should strengthen cooperation and diversify markets amid rising global uncertainty. He also voiced support for South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), saying membership would further reinforce the two countries' shared commitment to economic integration. Rosario Navarro, chairwoman of the Chilean Industrial Promotion Society, likewise urged both governments to accelerate negotiations to modernize the bilateral FTA, saying the agreement should be updated to reflect changing economic conditions. Lee Woo-hyun, chairman of the Korea-Chile Private Economic Cooperation Committee at the Korea Chamber of Commerce and Industry and vice chairman of OCI Holdings, said bilateral cooperation had already expanded beyond critical minerals into supply chains, artificial intelligence, digital industries and clean energy. Argentina visit shifts focus to lithium, Mercosur After concluding his Chile visit, Lee departed for Buenos Aires late Thursday to begin a three-day state visit to Argentina — the first by a South Korean president in 22 years. On Friday, Lee is scheduled to hold a summit with Argentine President Javier Milei, meet Buenos Aires Mayor Jorge Macri and attend a dinner with the Korean community. The presidential office said the visit aims to elevate cooperation with Argentina in economic security, particularly in critical minerals, energy and food supply. Argentina possesses the world's fourth-largest lithium reserves, and the two governments are expected to pursue a framework for long-term cooperation on lithium and other strategic minerals. As a founding member of Mercosur alongside Brazil, Argentina is also viewed as a key partner in Seoul's efforts to revive negotiations on a Korea-Mercosur trade agreement. The summit is also expected to cover cooperation in defense, science and technology, Antarctic research, culture and education, while restarting high-level bilateral consultation mechanisms to support broader government and business ties. Lee's meeting with Buenos Aires Mayor Macri will include discussions on support for the city's Korean community of about 23,000 people, the second-largest in South America. 2026-07-31 07:47:43 -
Retail Investors Struggle as KOSPI Declines for Third Consecutive Day ◆Aju Economy Major News▷Retail investors sell off as KOSPI and KOSDAQ drop amid market downturn- Despite Samsung Electronics' strong second-quarter performance, the KOSPI and KOSDAQ fell by 1.23% and 2.70%, respectively, marking three consecutive days of decline in the domestic stock market.- Samsung Electronics and SK Hynix surged early in the session on performance expectations but ultimately gave back their gains and closed lower, with individual investors net selling 1.4199 trillion won in the securities market.- Investor deposits have decreased by 21.55% to 109.593 trillion won compared to early June highs, and the balance of margin trading loans has dropped by 14.59% in just over a month, indicating a clear decline in individual investor sentiment.- Recently, brokerages have lowered their target prices for Samsung Electronics and SK Hynix, reflecting concerns about the AI semiconductor market.- Analysts suggest that the recent stock price adjustments are more influenced by a decline in investor sentiment rather than deteriorating performance, and they foresee a potential recovery in sentiment following the earnings announcements of large-cap stocks.◆Major Reports▷Semiconductors: End of Adjustment, Start of Rebound - The KOSPI's sharp decline in July is attributed to excessive adjustments due to short-term supply and demand distortions rather than fundamental deterioration, with analysts stating that the market has entered a phase where a rebound is possible.- The KOSPI has fallen 41% from its June peak, surpassing declines seen during the IMF crisis (-27%), the global financial crisis (-23%), and COVID-19 (-36%), indicating an oversold condition.- With big tech's memory demand fulfillment rate at only 60%, it is expected that a memory supply shortage will persist for at least the next three years as new production capacity expansion takes time.- Samsung Electronics and SK Hynix are seen as having superior performance competitiveness compared to Micron, while their valuations are significantly lower, suggesting that current stock prices are excessively undervalued.- Considering the potential for improved performance and increased shareholder returns in the second half of the year, a rebound in the semiconductor sector is imminent, with Samsung Electronics, SK Hynix, Samsung Electro-Mechanics, and LG Innotek identified as top picks.◆Key Announcements After Market Close (30th)▷Chey Tae-won purchases 4.8 billion won worth of SK Hynix shares▷Kumho Tire reports second-quarter operating profit of 182.2 billion won, up 4% year-on-year▷OncoCross signs contract for digital biobanking 'protein analysis service'▷POSCO Holdings reports second-quarter operating profit up 34%, driven by improvements in battery and infrastructure revenues▷HL Manpo reports second-quarter operating profit of 107 billion won, up 2.8% year-on-year▷SK Innovation reports second-quarter operating profit of 3.4873 trillion won, returning to profitability◆Fund Trends (as of 29th, excluding ETFs)▷Domestic equity funds: +53 billion won▷Overseas equity funds: +27.1 billion won◆Key Schedule for Today (31st)▷South Korea: Retail Sales (June), Industrial Production (June)▷Japan: Tokyo Core Consumer Price Index (July)▷China: Manufacturing and Services PMI (July), Caixin Manufacturing PMI (July)▷Eurozone: Consumer Price Index (July)▷United States: Consumer Sentiment Index (final July)* This article has been translated by AI. 2026-07-31 07:32:00
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Apple Reports 22% iPhone Growth but Shares Drop 8% in After-Hours Trading Apple reported strong third-quarter results, driven by robust sales of iPhones and Macs, exceeding market expectations. However, the company's stock fell nearly 8% in after-hours trading due to disappointing growth in its services segment, which includes the App Store and iCloud, and a fourth-quarter revenue outlook that fell short of projections.On July 30, Apple announced that its revenue for the third quarter of fiscal year 2026 (April to June) increased by 16.4% year-over-year to $109.4 billion, surpassing market expectations of approximately $108.7 billion and marking the highest revenue for a third quarter in the company's history.Net income rose to about $29.8 billion, a 27% increase from the previous year. Earnings per share (EPS) reached $2.02, exceeding the market forecast of $1.89.Sales of iPhones and Macs were the primary drivers of this growth. iPhone revenue was $54.3 billion, up 21.7% year-over-year, while Mac revenue increased by 28.7% to $10.4 billion.In contrast, revenue from services, including the App Store, iCloud, and Apple Music, grew by 12.1% to $30.7 billion but fell short of the market expectation of around $31.2 billion.Sales in Greater China, including mainland China, Hong Kong, and Taiwan, reached $18.8 billion, a 22.4% increase, recovering to double-digit growth. However, this figure was below the anticipated $19.7 billion.The increase in profits for the quarter was also influenced by tariff refunds from the U.S. government, which raised the profit margin on products sold by about 2 percentage points, contributing approximately $0.11 to EPS. Excluding the impact of tariff refunds, the actual profit growth was smaller than reported.Looking ahead, Apple’s revenue forecast for the fourth quarter is expected to grow by about 9% year-over-year, which is lower than the market's anticipated 12% growth.Apple CEO Tim Cook stated, “Some product supplies are unable to keep up with demand due to a shortage of advanced semiconductor production capacity,” particularly noting supply shortages in the Mac product line.Investors reacted more sensitively to the underwhelming growth in the services segment and the lower fourth-quarter outlook than to the strong sales of iPhones and Macs. Following the earnings announcement, Apple’s stock fell approximately 8% in after-hours trading.* This article has been translated by AI. 2026-07-31 07:28:00
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President Yoon Proposes Expanding LS-Codelco Partnership to Advanced Manufacturing and Defense President Yoon Suk Yeol on July 30, local time, presented the joint venture between South Korea's LS Group and Chile's state-owned Codelco as a successful model for cooperation in critical minerals, suggesting its expansion into advanced manufacturing and defense industries.Speaking at a Korea-Chile Business Roundtable held at a hotel in Santiago, Yoon expressed hope that "the joint venture between LS and Codelco can be further expanded in the future."He emphasized that by joining forces, the two countries could create remarkable synergies across various sectors, including the supply and value addition of critical minerals, supply chains, advanced manufacturing, and defense.The event featured 11 representatives from major companies in both Korea and Chile. Notable attendees from Korea included Lee Woo-hyun, Chairman of OCI Holdings; Jang 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-seob, President of Hanwha Ocean; Choi Soo-yeon, CEO of Naver; Jang Jae-hoon, Vice Chairman of Hyundai Motor; and Lee Dong-hoon, CEO of SK Biopharm.From Chile, attendees included Rosario Navarro, President of the Chilean Industrial Association, and Susana Jimenez, President of the Chilean Production and Commerce Confederation, along with executives from key sectors such as minerals, steel, automotive, agriculture, and forestry.Yoon described Chile as "South Korea's first free trade agreement partner and a key gateway connecting the Asia-Pacific region with Latin America." He stressed the importance of trust between nations and cooperation among businesses in the current transformative global economic landscape.He noted that trade between the two countries has quadrupled in the 20 years since the Korea-Chile Free Trade Agreement was signed in 2004, stating, "At that time, the main focus was on expanding trade in agricultural and mineral products, but now the scope of cooperation is broadening in various areas."Yoon added, "The two countries are transitioning from mere trading partners to strategic partners preparing for the future," and expressed hope for expanding new aspects of future cooperation based on a deep history of trust.He also highlighted the need to combine Chile's copper and lithium resources with South Korea's battery, advanced materials, automotive, semiconductor, and artificial intelligence technologies. "Chile is a key supply base for the global green industry, and South Korea has world-class competitiveness in advanced manufacturing," he explained.The successful project Yoon referenced is a precious metals recovery plant in Mejillones, Chile, operated by the joint venture PRM, in which LS MnM and Codelco hold 66% and 34% stakes, respectively. Completed in 2017, the plant processes anode slime, a byproduct of Codelco's copper refining process, to recover high-value metals such as gold, silver, palladium, and platinum. This project is cited as a representative example of cooperation that enhances local value by combining Chilean raw materials with Korean refining technology.Yoon expressed hope that South Korea and Chile could turn the current crisis in the global economic order into new opportunities for shared prosperity, stating, "The government will also provide unwavering support for our companies to lead the market together."Patricio Torres, Deputy Minister of Foreign Affairs of Chile, introduced South Korea as Chile's sixth-largest trading partner globally and third-largest in Asia as of 2025. He noted that trade between the two countries has grown at an average annual rate of 6.1% since 2020 and announced plans to send a large-scale public-private economic delegation to Korea in September, consisting of businesses, economic organizations, and relevant institutions.Torres suggested that the relationship should evolve beyond trade to focus on investment, innovation, and the creation of new value, proposing expanded cooperation in digital economy, renewable energy, AI, and robotics.Rosario Navarro, President of the Chilean Industrial Association, requested a swift conclusion to the modernization negotiations of the Korea-Chile FTA, reflecting areas such as the digital economy, trade facilitation, environment, intellectual property rights, and access to agricultural markets.Lee Woo-hyun, Chairman of OCI Holdings and head of the Korea-Chile Private Economic Cooperation Committee, remarked, "The two countries are special partners who gifted each other their first FTAs," expressing hope that this event would lead to new investments and business opportunities, marking yet another 'first.' He added, "OCI will expand future cooperation with Chile, which possesses abundant renewable energy resources and critical minerals, based on our global business experience from core materials for solar power to energy storage systems (ESS)," emphasizing that the combination of Chile's resources and South Korea's technology will create new growth opportunities.* This article has been translated by AI. 2026-07-31 07:28:00