Seoul: Finance Minister Koo Yun-cheol on Monday underscored the necessity for heightened collaboration between South Korea and Latin American nations in the realms of artificial intelligence (AI), critical mineral supply chains, and clean energy. The minister's remarks came during the inauguration of the seventh Korea-Latin America and the Caribbean (LAC) Business Summit in Seoul, coinciding with the 20th anniversary of South Korea's membership in the Inter-American Development Bank (IDB).

According to Yonhap News Agency, Koo emphasized the need for a reinforced strategic partnership, pinpointing AI, mineral supply chains, and clean energy as pivotal areas for cooperation. He highlighted South Korea's focus on AI as a catalyst for economic and societal transformation, suggesting that Korea's advanced technological capabilities, combined with the LAC region's digital potential, could yield significant innovative synergies.

Koo also stressed the importance of bolstering critical mineral supply chains, given that the LAC region accounts for approximately 30 percent of global reserves. He advocated for joint efforts to develop secure and sustainable value chains.

In the area of clean energy, the minister noted that with South Korea's established expertise, both regions could play a significant role in the global energy transition. To support these initiatives, Koo announced Seoul's plan to establish an IDB AI Hub aimed at enhancing financing and innovation within the AI sector.