South Korean and Japanese Companies to Collaborate with Chile in Lithium Industry Expansion

Asian companies, including those from South Korea, plan to strengthen collaboration in the lithium industry with Chile.

On January 21st, InvestChile, the foreign investment promotion agency of Chile, announced that they have recently held meetings with several South Korean companies to discuss investment in building battery factories in Chile. The Korean companies plan to convert Chile's abundant lithium resources into materials such as lithium iron phosphate needed for lithium batteries, which will then be exported to the United States. The lithium battery products of Korean companies may benefit from preferential policies in the United States, diversifying their clean energy supply chain. In addition, Chile's Ministry of Economy had previously stated in October 2023 that Japanese companies are also studying the feasibility of investing in the lithium industry in Chile.