The government said on Monday that it will dispatch a group to Latin America this week to look into potential natural resource development projects.

According to the Ministry of Trade, Industry and Energy and the Korea Mine Rehabilitation and Mineral Resources Cooperation, the team consisting of public officials and experts in the private sector will embark on a trip to Chile and Argentina from Tuesday through Friday.

The ministry said the dispatch is aimed at strengthening cooperation with the mineral-rich countries amid growing resource nationalism in many parts of the world as well as reinvigorating private-led overseas resources development.

The move also comes as the U.S. and the European Union are seeking to tighten their grip on key industrial materials and products through the Inflation Reduction Act and the European Critical Raw Material Act, respectively.

In Chile, which has the world’s largest reserves of lithium, the team will meet with the mining minister and other officials and seek cooperation that opens the door to participation by South Korean companies in Chile’s natural resources projects.

The group will also seek cooperation from Argentina regarding the efforts by South Korean steel giant Posco to build a lithium plant in the country and also discuss other potential lithium projects.