Argentina, South Korea sign critical minerals partnership

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Buenos Aires: Argentina and South Korea have agreed to strengthen their ties on vital minerals, forming a new partnership to ensure consistent supplies of key resources used in electric vehicle batteries, semiconductors, and other high-tech industries.

South Korean President Lee Jae Myung announced the deal during his visit to Buenos Aires, where he met with Argentine President Javier Milei. The two leaders agreed to strengthen economic ties by increasing investment in Argentina's mining industry, particularly its large lithium reserves, and encouraging technological and industrial collaboration.

Both countries also agreed to restart negotiations on a trade agreement between South Korea and the Mercosur region, seeing stronger economic links as a way to encourage investment and diversify supply chains in the face of rising global competition for vital minerals.

Argentina, which has some of the world's greatest lithium reserves, is searching for foreign investment to help grow its mining industry, while South Korea is looking for consistent supply of crucial minerals needed by its automobile, battery, and electronics industries. The alliance is designed to promote long-term economic and strategic connections between the two countries.