South Korea, Chile Strengthen Resource Cooperation and Joint Response to Transnational Crime

Taking advantage of President Lee Jae-myung's official visit to Chile, the government has signed and revised five Memorandums of Understanding (MOUs) aimed at strengthening mineral cooperation and joint responses to transnational crime with Chile.

First, through the Mineral Resources Partnership MOU, the two countries will upgrade the joint committee on mineral resources partnership to a ministerial level, regularize it, and establish a director-level working channel.

The goal is to build a full-cycle cooperation system for key minerals such as lithium and copper.

Lithium and copper are essential resources for future industries such as batteries and power grids, and Chile ranks first in the world in reserves of these minerals.

The government explained the significance, stating, "We will enhance the stability of mineral supply and demand with Chile, which amounts to 2.1 billion dollars annually, and establish an institutional foundation to support our companies entering the local market."

The two countries also signed two MOUs to combat transnational crime.

First, through the Police Cooperation MOU, they agreed to build a cooperative system between law enforcement agencies—including information sharing and joint operations—and revitalize the apprehension and repatriation of fugitive criminals.

South Korea's policing system will also be transferred to the Chilean side.

A Maritime Safety and Security Cooperation MOU was also signed, agreeing to cooperate to eradicate transnational crime and illegal fishing while building an information-sharing system in areas such as Vessel Traffic Services (VTS).

Additionally, through the Investment Cooperation MOU, the two countries will promote mutual investment and exchanges between their businesses, and they revised the existing Polar Research Cooperation MOU to expand the scope of cooperation to environmental and ecosystem issues, eco-friendly base operations, and Antarctic governance.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.