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Bolivia and South Korea Sign Lithium Agreement

Posted: Nate on Aug 27 | Business & Economy, International

In a meeting with South Korean President Lee Myung-Bak in Seoul yesterday, Bolivian President Evo Morales signed an MOU (Memorandum of Understanding) which will enable the involvement of South Korean businesses in Bolivia´s lithium sector.  The agreement, which links the state-run companies Korea Resources Corporation (Kores) and Bolivian Mining Corporation, establishes a partnership to begin extracting and processing lithium from the Uyuni salt-flats in southwestern Bolivia.  The salt-flats contain an estimated 100 million tons of lithium, 50% of world reserves.  Lithium is currently considered a key element for many technology sectors, including cell phones, laptops, efficient car batteries, and various medical and mitilary technologies.

President Morales, who was the first Bolivian president to visit South Korea since the two countries established diplomatic connections in 1965, pressed South Korean businesses to further invest in the industrialization of Bolivia´s natural resources.  Morales also announced his intention to establish a Bolivian embassy in Seoul as soon as possible and plans for more accessible business visas for South Korean investors.

In addition to the lithium aggreement, President Lee also officially announced plans to make a $250 million loan available to Bolivia between 2010 and 2014.

For more in Spanish see:

http://www.la-razon.com/version.php?ArticleId=116702&a=1&EditionId=2266

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