The Ministry of Trade, Industry and Resources said on the 1st that President Lee Jae-myung's visit to Argentina led to major economic diplomacy results, including the signing of a "Korea-Argentina critical minerals cooperation memorandum of understanding (MOU)" and a meeting with the Argentine Minister of Economy.
First, Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources formally signed the "Korea-Argentina critical minerals cooperation MOU" with Argentina's Ministry of Economy on the 31st. This MOU is the first official cooperation document that the Korean and Argentine governments have signed in the resources field.
Argentina is rich in critical minerals such as lithium and copper that are closely linked to Korea's high-tech industries and has strong potential to diversify mineral types. Korean corporations are currently operating there, carrying out lithium production and processing projects.
On the occasion of the summit, the two countries agreed to move beyond project-centered cooperation that had been led mainly by individual corporations to establish an official intergovernmental cooperation framework and actively support corporations' purchases of and investments in critical minerals.
In detail, they agreed to: ▲ exchange information on policies, regulations, and investment regimes related to critical minerals ▲ promote joint projects across the lithium supply chain in Korea, Argentina, and third countries ▲ expand cooperation between the two countries' geological survey agencies ▲ establish a Director General-level hotline.
Minister Kim met with Luis Andres Caputo, Argentina's Minister of Economy, and fleshed out the critical minerals cooperation achievements arranged on the occasion of the summit. They also discussed ways to expand the scope of bilateral economic cooperation through resources, trade, manufacturing, and M.AX (manufacturing AI transformation).
Minister Kim said, "The Korea-Argentina critical minerals cooperation MOU will support the seamless implementation of existing projects and serve as a foundation for delivering tangible cooperation outcomes."
To expand mineral cooperation between the two countries into new areas such as copper, he also asked for information sharing on new mine projects and broader opportunities for participation by Korean corporations.
In response to supply chain uncertainty, the two countries agreed that Korea will expand cooperation as a stable importer of Argentine crude oil and, based on Argentina's potential for exporting liquefied natural gas (LNG) in the future, will also seek medium- to long-term cooperation on resource supply and demand.
The Ministry of Trade and Industry (MOTI) and Argentina's Ministry of Economy will continue follow-up consultations centered on a Director General-level contact channel and plan to hold a public-private joint meeting within the year to support the smooth implementation of existing projects while identifying new cooperation initiatives.
Minister Kim also attended a meeting with the Korean community held on the occasion of the Korea-Argentina summit. At the meeting, Minister Kim listened to difficulties faced by eight Korean corporations operating locally along with other companies that have entered the market and discussed ways to expand market entry.
Minister Kim said, "I am deeply grateful to our businesspeople who are striving hard to develop the South American market despite difficult local conditions," adding, "We will actively resolve businesspeople's local challenges, strengthen cooperation with the Argentine government so that the business environment can be substantially improved, and provide meticulous support without sparing efforts."