Lee, Chile's Kast ink 5 MOUs, from critical minerals to polar research
President Lee Jae Myung and Chilean President José Antonio Kast agreed in Santiago to expand cooperation on critical minerals, trade, infrastructure and defense. Korea and Chile also moved to modernize their FTA.
President Lee Jae Myung, left, and Chilean President José Antonio Kast make finger-heart gestures toward aides and reporters as they head into the presidential palace after an official welcoming ceremony in Santiago, Chile, on July 30.YONHAP
SANTIAGO, Chile — President Lee Jae Myung and Chilean President José Antonio Kast agreed Thursday to expand cooperation in strategic sectors including critical mineral supply chains, infrastructure, public security and defense during their summit in Santiago, Chile.
"Chile, the world's largest copper producer with the world's largest lithium reserves, is an ideal partner for South Korea, a leader in semiconductors, batteries and other advanced industries, in establishing critical mineral supply chains," Lee said during a joint press conference after the meeting Thursday.
Lee added that the two countries agreed to expand cooperation across the entire critical mineral supply chain, including information sharing, technological cooperation and personnel exchanges.
Kast echoed the sentiment, saying Chile's copper and lithium exports are indispensable to the production of semiconductor chips manufactured with Korean technology.
"In Korea, there is a proverb that says, 'Even a sheet of paper is easier to carry together,'" Kast said. The Korean proverb means that even a task that seems small or easy becomes easier when people work together.
"Cooperation on critical minerals is exactly that. It is a shared responsibility for Chile and Korea to strengthen the stability of the supply chains the world depends on."
The two countries also signed a memorandum of understanding on a mineral resources partnership, which will upgrade their joint committee to the ministerial level and establish a new working-level channel led by director-general-level officials.
President Lee Jae Myung, left, and Chilean President José Antonio Kast shake hands after delivering a joint press statement at the presidential palace in Santiago, Chile, on July 30.NEWS1
The leaders also agreed to strengthen trade and investment ties, including efforts to modernize the Korea-Chile FTA.
"In 2004, South Korea chose Chile as its first FTA partner. Bilateral trade has since quadrupled over the past 20 years, proving the two countries' strategic choice was the right one," Lee said.
"The two countries agreed to reconvene the Korea-Chile FTA Joint Committee for the first time in a decade to review pending trade and investment issues and discuss ways to strengthen bilateral trade ties, including mutually beneficial improvements to the Korea-Chile FTA," he added.
Kast said Korean technology has become part of the daily lives of millions of Chilean households, while Chilean fruit and wine are enjoyed by millions of Koreans in cities including Seoul, Busan and Incheon.
"To modernize and elevate our bilateral relationship, we agreed to resume the FTA Joint Committee, which has not met since 2016, and work together on a road map for future cooperation," Kast said.
President Lee Jae Myung, left, and Chilean President José Antonio Kast deliver a joint press statement at La Moneda Palace in Santiago, Chile, on July 30.NEWS1
The two leaders also pledged closer cooperation on infrastructure and defense.
Lee highlighted Hyundai Engineering & Construction's Chacao Bridge project, South America's first four-lane suspension bridge, saying both governments would work together to ensure the project is completed successfully and becomes a landmark symbol of bilateral cooperation while benefiting Chile's economy and daily life.
The two countries also agreed to establish an institutional framework for expanding cooperation in the defense and shipbuilding industries.
Five MOUs covering mineral resources, public security, polar research, maritime safety and security and investment cooperation were signed by the two governments.
Korean President Lee Jae Myung, left, and Chilean President José Antonio Kast shake hands ahead of their summit at La Moneda Palace in Santiago, Chile, on July 30.YONHAP
Kast also expressed his enthusiasm for Korean culture.
"Many Chileans today encounter Korean products and enjoy Korean cuisine in Santiago's Barrio Patronato district, known as Korea Street," he said. "Young people have fallen in love with the vibrant culture of K-pop, and we will welcome one of its leading acts, BTS, to Chile's National Stadium this October."
Lee responded that the Korean government would continue expanding support for cultural exchanges so that Chileans' growing interest in Korean culture could further strengthen ties between the two countries.
The summit concluded in a friendly atmosphere. Following the official welcoming ceremony, the two leaders posed for reporters from a balcony at the presidential palace by making finger-heart gestures — crossing the thumb and index finger to make a heart shape.
“I hope you think of Chile as if it were your home,” Kast said to Lee. The Chilean president also proposed to Lee a joint visit to Antarctica to mark the 10th anniversary of the Korea-Chile Antarctic Cooperation Center.
"I hope you [President Kast] will visit Korea in the near future, and I look forward to welcoming you there," Lee responded.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
