South Korean President Lee Jae myung has given up his vacation and made intensive visits to Brazil, Chile, and Argentina, marking the beginning of a diplomatic campaign focused on key mineral resources and free trade cooperation. South Korea intends to rely on its manufacturing advantages to root in Latin America, compete for upstream resources of new energy, and also draw attention to the regional market competition situation.

Strategic Motivation

The South Korean manufacturing industry is highly dependent on minerals such as lithium, rare earth, and copper, and local resources are scarce. It urgently needs to stabilize its overseas supply chain. In the early days, South Korea prioritized deep cultivation in the Chinese market. In recent years, the restructuring of the global industrial chain and the expansion of the new energy industry have highlighted the value of rich mineral resources in Latin America. It is difficult for South Korea to carry out large-scale infrastructure investment, and it has taken advantage of the opportunity to integrate into the US coastal manufacturing system, while promoting the upgrading of free trade agreements to make up for the shortcomings of a small domestic market and weak export growth. Keywords: South Korea's Latin American diplomacy, key mineral supply chain

Supply-demand game

Latin America has a huge consumer market and is unwilling to simply export primary minerals for a long time. It urgently needs to introduce industrial technology to achieve industrial upgrading, and South Korea's medium-sized investment and manufacturing technology are in line. Both sides are cooperating on carbon neutrality in clean technology for digital trade, and South Korea and Chile have restarted negotiations with the Free Trade Commission and signed a memorandum of understanding on mineral cooperation. The new cooperation layout will form long-term competition with Chinese enterprises in the Latin American market.Editor/Min Jing