Argentina and South Korea are set to deepen their cooperation in the critical minerals industry.
President Javier Milei met his South Korean counterpart, Lee Jae Myung, in Buenos Aires on Friday as the two countries sought to deepen cooperation in critical minerals, energy and trade.
The two leaders held bilateral talks at the Casa Rosada before chairing an expanded meeting with senior officials from both governments.
According to a statement releassed by Argentina’s Presidency, Lee congratulated Milei on falling inflation and the implementation of his RIGI investment incentive scheme and its enhanced version, the ‘Super RIGI.’
The two presidents also discussed strengthening bilateral trade, with particular emphasis on energy, critical minerals and food. They also agreed on the importance of artificial intelligence as a driver of economic growth and highlighted opportunities for cooperation in services, including the cultural sector, said Buenos Aires.
The deal with Argentina was announced a day after Seoul entered a similar partnership with Chile, agreed during part of President Lee’s visit to South America .
The agreement with Argentina “seeks to promote investments and joint projects in the exploration, extraction, processing and refinement” of critical minerals, Argentina’s Foreign Minister Pablo Quirno wrote on X.
The South American nation is the world’s fifth-largest producer of lithium, considered an essential mineral in the global energy transition.
Lee met with his Argentine counterpart Javier Milei in Buenos Aires in what Quirno said was the first visit by a South Korean leader to the country in 22 years.
The meeting focused on “strengthening the bilateral relationship, expanding trade and investment, cooperation in critical minerals and energy and the development of joint projects in strategic sectors,” the Argentine presidency stated.
Milei’s administration on Friday also gave South Korean company Posco the green light to ramp up lithium extraction in Salta, located in northwest Argentina.
“With a US$547-million investment, the project will make it possible to produce 23,000 tons of lithium carbonate per year and will generate exports of more than US$300 million annually,” Argentina’s Economy Ministry said in a statement..
One day previously, Lee met with Chilean President Jose Antonio Kast in Santiago, where the two announced a similar critical minerals partnership.
Chile is the world’s leading copper producer and second-largest lithium producer.
– TIMES/AFP/NA
