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South Korea's President Lee Jae-myung speaks at the South Korea-Chile Business Round Table held at a hotel in Santiago, Chile, on July 30 (local time). / Yonhap News

President Lee Jae-myung, who is on an official visit to Chile, stressed at the South Korea-Chile Business Round Table on July 30 (local time), "Now is a period of major transformation in the global economy, and cooperation among nations, including Asia and Chile, is more important than ever." He added, "If our two countries join hands, we will be able to create remarkable cooperative synergies across various sectors, ranging from the supply, value creation, and supply chains of critical minerals to advanced manufacturing and defense industries."

Speaking at the South Korea-Chile Business Round Table held at a hotel in downtown Santiago that day, President Lee made these remarks, saying, "I hope South Korea and Chile will turn the crisis of a turbulent global economic order into a new opportunity for shared prosperity."

Noting that bilateral trade has grown more than fourfold in the 20 years since the South Korea-Chile Free Trade Agreement (FTA) in 2004, President Lee emphasized, "The Republic of Korea and Chile are trusted partners that have cooperated closely over a long period based on the shared values of free trade and market economy."

He continued, "When the free trade agreement was signed, the main interest was expanding trade in agricultural and mineral products," adding, "However, two decades later, the scope of cooperation has expanded into various fields, and both countries are transitioning into strategic partners preparing for the future together."

President Lee then said, "Based on our history of deep trust, I hope South Korea and Chile will further expand new facets of future cooperation."

He went on to say, "Chile is a world-class producer of lithium and copper, serving as a core supply base for global green industries," introducing that "South Korea possesses world-class competitiveness in advanced manufacturing sectors such as batteries, advanced materials, automobiles, semiconductors, and artificial intelligence."

In addition, President Lee referred to the joint venture between Korean enterprise LS and Chilean state-owned company Codelco as a "successful example of cooperation," saying, "I hope models like this can be further expanded in the future."

The event was attended by 11 Korean business leaders, including POSCO Group Chairman Chang In-hwa, LS Group Chairman Koo Ja-eun, Korea Zinc Chairman Choi Yun-beom, OCI Holdings Chairman Lee Woo-hyun, and Hanwha Ocean President Jung In-sub, alongside 11 figures from the Chilean business community.

Hanwha Ocean President Jung In-sub referred to Chile as a "hub country for defense cooperation in Latin America," and proposed cooperative measures such as joint design, production, and exports to support participation in naval submarine and frigate projects and the modernization of the shipbuilding industry, according to a written briefing by Kang Yu-jung, senior presidential spokesperson.

He also stated plans to establish a long-term cooperative relationship with Chile in the defense sector, including proposing localization measures for armored vehicle projects.

                                                                                                           Hong Sun-mi