The South Korean government is strengthening cooperation with Argentina on critical minerals, coinciding with President Lee Jae-myung's visit to the country.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy announced that Minister Kim Jung-kwan officially signed a memorandum of understanding (MOU) for South Korea-Argentina critical mineral cooperation on July 31.
This MOU marks the first official cooperation document between the governments of South Korea and Argentina in the resource sector.
The two countries agreed to exchange information on policies, regulations, and investment systems related to critical minerals, promote joint projects in lithium supply chain exploration, mining, and processing in South Korea, Argentina, and third countries, expand cooperation between geological survey agencies, and establish a director-level hotline.
Argentina is rich in critical minerals such as lithium and copper and has significant potential for mineral diversification. South Korean company POSCO Holdings is actively pursuing a lithium production and processing project called Sal de Oro in the region.
The government plans to establish an official cooperation framework beyond individual corporate projects and actively support companies in purchasing and investing in critical minerals.
During a meeting with Argentina's Economy Minister Luis Andrés Caputo, Minister Kim requested continued support from the Argentine government for expedited permitting processes and infrastructure development.
He also urged the sharing of information on new mining projects to expand mineral cooperation into new areas such as copper and to increase opportunities for South Korean companies.
Additionally, the two sides agreed to enhance cooperation for the stable import of Argentine crude oil and to explore long-term resource supply cooperation based on Argentina's liquefied natural gas (LNG) export potential.
Both parties will continue follow-up discussions centered on the director-level contact points and hold a public-private joint meeting within the year to support existing projects and identify new cooperation initiatives.
Minister Kim proposed continued collaboration to advance the South Korea-Mercosur trade agreement negotiations, and both sides agreed to seek cooperation opportunities in future industries such as manufacturing AI and digital transformation.
In addition, Minister Kim held a dinner meeting with representatives from eight companies, including POSCO International, POSCO Argentina, Samsung Electronics, and LG Electronics, during a gathering with local expatriates.
He expressed deep gratitude for the efforts of South Korean business leaders who are actively working to explore the South American market despite challenging local conditions, stating, "We will actively address local difficulties and strengthen cooperation with the Argentine government to ensure that the business environment improves significantly."
* This article has been translated by AI.
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