President Lee Jae-myung successfully concluded his tour of three key South American countries and headed to Germany after agreeing to import Argentine crude oil from next year, establishing a historic turning point for diversifying energy supply chains and expanding into South American markets.

President Lee Jae-myung completed his South American tour visiting Brazil, Chile, and Argentina from July 26 to August 1, 2026 (local time). An Kwi-ryung, deputy spokesperson of the Presidential Office, cited the results of the summit with Argentina as the key achievement of this tour.

President Lee held a summit with President Javier Milei of Argentina in Buenos Aires on July 31 (local time). At this meeting, the two countries agreed that Korea would import Argentine crude oil starting next year. This is evaluated as an important milestone in reducing energy dependence on specific countries and establishing a stable supply chain.

Additionally, a double taxation avoidance agreement was concluded to actively support Korean companies' entry into Argentina. Through this agreement, investment uncertainties for Korean companies are expected to be resolved and conditions for economic activities are projected to significantly improve. At the same time, the two sides agreed to push for early resumption of trade agreement negotiations between Korea and South America's common market Mercosur. This is expected to serve as a foundation for enhancing market accessibility to South America and expanding the scope of economic cooperation.

[Photo=Yonhapnews]

Prior to this, President Lee visited Brazil from July 26 to 29 and Chile from July 29 to 30 to discuss ways to strengthen relations with both countries. In Argentina, in addition to his meeting with President Javier Milei, he met with Jorge Macri, Mayor of Buenos Aires, to conduct in-depth discussions on creating favorable conditions for the Korean diaspora community and expanding exchanges between local governments. This demonstrates the expansion of Korea's diplomatic horizons across South America and the government's continued interest in overseas Korean communities.

In particular, President Lee and his wife visited the La Boca neighborhood in Buenos Aires, famous as the birthplace of tango, during their Argentina visit and had informal communication with local citizens. Citizens welcomed President Lee by shouting "Thank you" in Korean, and the presidential couple responded with bright smiles and high-fives, showing a friendly demeanor. This scene highlighted President Lee's commitment to engaging directly with local culture and citizens beyond the formality of summit diplomacy and received significant positive response.

President Lee Jae-myung completed his South American tour on August 1 (local time) and boarded a flight to Frankfurt, Germany for the next leg of his journey. In Germany, he is scheduled to hold a meeting with overseas Korean residents, and will then return home to report directly on the achievements of this tour.

This three-country South American tour is expected to serve as an important milestone in diversifying supply chains for critical minerals and energy as well as dramatically enhancing Korean companies' access to South American markets. All eyes around the world are focused on what follow-up measures President Lee will take based on the successful results of this tour to invigorate Korea's economy and expand its diplomatic horizons.