President Lee Myung-bak held a summit talk with Evo Morales, President of the republic of Bolivia and signed an MOU agreement for cooperation related to lithium-resource development.
Under the agreement, domestic firms will jointly promote the lithium battery industrialization project in the lithium development business of Salar de Uyuni which contains the world's largest salt flat where an abundance of lithium is buried. The two countries will also make a joint committee for the industrialization of resources.
Lithium is the main resource used to make secondary batteries which are applied to mobile phones, laptops and electric cars. As the green power industry continues to skyrocket, the demand for lithium will increase exponentially.
In the meantime, Japan, France, Brazil and Korea have competed over resource exploitation rights.
