South Korean President Lee Jae‑myung attended an official welcome ceremony in Santiago, Chile, to meet with President José Antonio Kast this week [1].
The visit marks a strategic effort to secure essential resources and update economic ties between the two nations. By focusing on critical minerals and emerging technology, South Korea aims to stabilize its high-tech supply chains against global volatility.
The ceremony took place in front of the Moneda Palace, the Chilean Presidential Palace [1]. Following the welcome events, the two leaders held a summit meeting to discuss bilateral cooperation and regional stability.
As part of the diplomatic visit, the leaders signed a Memorandum of Understanding (MOU) covering several key sectors [1]. The agreement focuses on the modernization of the existing free trade agreement (FTA) to reflect current economic needs.
Beyond trade, the MOU emphasizes the establishment of stable supply chains for critical minerals [1]. These materials are essential for the production of semiconductors, and electric vehicle batteries, industries central to the South Korean economy.
The agreement also outlines a framework for cooperation in AI-energy partnerships [1]. This collaboration seeks to integrate artificial intelligence with energy management to improve efficiency and sustainability.
This trip is the first visit to Chile by a South Korean president in 11 years [1]. The gap in high-level diplomatic visits underscores the renewed importance of the relationship as both nations seek to diversify their economic partners.
“The agreement focuses on the modernization of the existing free trade agreement (FTA).”
The resumption of presidential-level diplomacy after more than a decade suggests a shift in South Korea's strategic priorities toward the Global South. By securing critical minerals and AI-energy ties with Chile, Seoul is reducing its reliance on a limited number of suppliers for the raw materials necessary for its semiconductor and green-energy industries.
