Prime Minister Han Duck-soo arrived in Chile on Monday for an official visit as South Korea seeks to bolster cooperation in the field of mineral resources with the Latin American nation.
During the three-day visit in Chile, Han and Chilean President Gabriel Boric plan to hold talks, and the two sides are expected to sign a memorandum of understanding (MOU) on mineral resources.
The planned MOU is part of South Korea's efforts to diversify supply chains of key raw materials used in batteries, in a move to cope with the US Inflation Reduction Act.
The US law gives tax credits only to electric vehicles assembled in North America, preventing South Korean carmakers from receiving such credits.
Under the US law, however, South Korean carmakers could receive the subsidies if they use raw materials produced in the US or Chile, which signed a free trade deal with Washington, for batteries in electric cars.
Han and Boric are also expected to agree to elevate bilateral relations to a strategic partnership as the two nations mark the 60th anniversary of establishing diplomatic ties this year.
In Santiago, Han will attend a meeting of the Economic Commission for Latin America and the Caribbean, and deliver a keynote speech, according to Han's office.
Chile is the first leg of Han's three-nation trip that will also take him to Uruguay and Argentina. (Yonhap)
