Korea has achieved a better position toward developing Bolivia's lithium. Juan Evo Morales Ayma, the president of Bolivia, visited Korea on August 25, and signed an MOU(Memorandum of Understanding) regarding cooperation on lithium exploitation the next day. The technology developed by Korean industries for lithium extraction was one of the deciding factors for the Bolivian president. The technology is a ''non-evaporation lithium extraction process' which had been reported from Korea to Bolivia on August 12. Bolivia had delayed development of their plentiful lithium deposits, in spite its soaring value as an essential component of rechargeable batteries and semiconductors due to their lack of technical expertise and financial resources. Many countries had been vying for these development rights. The Bolivian president's visit to Korea and the subsequent MOU is sending a powerful message to competing countries. This agreement will also serve to improve Korea's international economic image.