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.
"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.
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