CC BY 3.0 – Ministerio de Relaciones Exteriores – Gobierno de Chile
Name? Francisco Pérez Mackenna
Westphalian identity? Chilean
Age? 68
Why is he in the news? Last week, Chilean Foreign Minister Francisco Pérez Mackenna went roadtripping around Asia, securing new trade and investment opportunities across the continent. Pérez Mackenna framed his visit as a strategic opportunity to diversify Chile’s markets and strengthen its presence in the region, with a specific focus on copper. Chile is the world’s largest copper producer and China consumes over half of its shipments. To reduce Chile’s dependence on the Chinese market, Pérez Mackenna is aiming to expand export markets.
Why do we care? Chile is eyeing a US $100 billion investment in copper as domestic smelting and refining capacity is being expanded. At a sustainable business summit in Singapore on July 22, Pérez Mackenna said he expects demand for copper to grow alongside the global race to build data centres. China will remain a top partner, but Chile is now actively seeking to broaden its buyer base.
Why should you care? Pérez Mackenna’s efforts to expand Chile’s partners across the continent emphasise a wider trend of de-risking reliance on China. Asia is projected to account for 60% of incremental copper demand as AI data centre infrastructure accelerates, making the region a critical new market for Chile to consider beyond China.
Who else cares? After a new free trade agreement with the Philippines was announced on Sunday, Philippine President Marcos is positioning his nation to secure long-term access to Chile’s copper, trading a wide range of exports in return for aiding the nation’s fast-growing EV, electronics, and manufacturing sectors. The deal also gives Manila leverage as it works to diversify its electronics industry away from its heavy reliance on China.
Any further comments? The Asian copper rush shows that the world’s next mineral boom is already underway, and Pérez Mackenna is racing to ensure Chile doesn’t miss it.
