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High interest in the lithium industry marked the final day of the visit to Korea by Minister Grau and InvestChile

13 October, 2023
  • Chilean Economy Minister and InvestChile Director Karla Flores met with local companies to present international investment opportunities related to the National Lithium Strategy

Local companies’ interest in Chile’s lithium industry was one of the high points of the final day of Economy, Development and Tourism Minister Nicolás Grau’s visit to Korea.

As part of the roadshow that began in Japan and will now continue in China, the minister and InvestChile Director Karla Flores participated in 14 investment promotion activities in Seoul.

The delegation, including InvestChile Investment Commissioner for Asia Vicente Pinto and Chilean ambassador to South Korea Mathias Francke, met with 20 senior executives from companies interested in the lithium industry. The event was co-organized with the Korean International Trade Association (KITA) and the Korea Battery Industry Association (KBIA).

At the meeting, Minister Grau outlined the upcoming National Lithium Strategy milestones and commented on opportunities for companies to participate in developing the industry. The InvestChile Director spoke about the current status of foreign investment in Chile, highlighting the growth in investment activity by foreign companies.

Key partners in the lithium industry

The authorities also met with the Executive Vice President of KITA (Korean International Trade Association), Kim Ko-Hyun, to explore Korean companies’ international business development interests. With Park Tae-sung, Vice President of the Korean Battery Industry Association, they discussed opportunities to add value to the lithium industry in Chile.

Remarking on the meeting, Minister Grau highlighted, «We were able to present the National Lithium Strategy and show how it could provide battery producers more certainty regarding access to lithium, assuming, of course, that they add value to their production in Chile. In other words, the aim is to bring battery production closer to Chile and, thus, make our economy more sophisticated through the National Lithium Strategy.»

Park Tae-sung, Vice President of KBIA, said, «Over the 20 years of the Free Trade Agreement (FTA), we have formed a sound, reliable partnership. We are the perfect partners for cooperation on battery distribution. Chile is a key lithium producer, and Korea has the best technology. Moreover, as members of the OECD, we respect common values.»

In the afternoon, Minister Grau visited the LG Science Park, South Korea’s largest research and development complex. More than 20,000 people dedicated to innovation work at the one-million-square-meter complex.

The InvestChile Director remarked, «Their sophistication and potential contribution to our business ecosystem make Korean companies extremely attractive for Chile. That is why we have carried out investment promotion missions in the last few years and maintained an ongoing presence through our Investment Commissioner for Asia, Vicente Pinto.»

The investment promotion tour of Asia will continue on Sunday in the Chinese city of Chengdu, where the delegation will join ChileWeek and participate in the official visit by Chilean President Gabriel Boric.

Check out the best images from the second day of the tour of South Korea: