Lithium is widely seen by industrial analysts as the metal of the future as the likely key component in electric cars, a full-scale substitute for gasoline-fueled vehicles.

The soft, silver-white alkali metal is a vital element -- as lithium carbonate -- in mobile phones, batteries used in laptops, aircraft alloys and a range of other technological products.

Further research could help power an optimum fuel-efficient electric car or petrol-electric hybrid vehicle of the future.

Bolivia entertained a procession of suitors, including China, Brazil and Iran, before deciding on South Korea as a strategic partner that could help develop its mining infrastructure, hydrocarbons resource and industry with the least political baggage.

The two countries established diplomatic ties in 1965 but last week Morales became the first Bolivian head of state to visit the East Asian tiger.

South Korean President Lee Myung-bak promised to commit his country's cash and technical resources to begin extracting industrial quantities of lithium from Bolivia's Uyuni Salt Flats.

Lithium is found in rocks and sea water and in Uyuni it will be extracted from brine under the salt flats. As a highly reactive alkali metal, lithium is almost always found as a compound, making the processing and refining of the metal a key phase in the mining development.

Analysts said demand for lithium was rising and the Bolivian-South Korean partnership could allow the partners to control supply, which wouldn't be enough to meet global demand in 10 years. A scramble for new lithium finds is inevitable, analysts said.

Several automakers have positioned themselves in the electric car market. BMW, General Motors, Mitsubishi, Nissan-Renault, Toyota and Volkswagen are among manufacturers testing out lithium batteries in pure electric or hybrid cars. Mercedes-Benz expects to produce an electric version of its Smart car.

Morales aide and Mining Minister Luis Alberto Echazu said Bolivia would guard against repeating historical errors and develop its resources for global industrial use while keeping firm control.

"We want to send a message to the industrialized countries and their companies," Echazu said.

"We will not repeat the historical experience since the 15th century: raw materials exported for the industrialization of the West that has left us poor."

Oil and gas, gold, silver and tin have all been found and exported from Bolivia while the country remains the poorest in the region.

Echazu also warned against complacency about lithium because, he said, the metal's use would produce its own trail of pollution with sulfur dioxide waste. He said Bolivia would remain vigilant about risks to its environment.

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