Seoul: President Lee Jae Myung emphasized on Wednesday that Chile was the first country to establish a free trade agreement (FTA) with South Korea, underlining what he described as the enduring friendship between the two nations. The South Korean president made these statements during an assembly with members of the South Korean community in Chile at a Santiago hotel, just hours after arriving in the city for an upcoming summit with Chilean President Jose Antonio Kast scheduled for Thursday.

According to Yonhap News Agency, Chile is the second destination on President Lee's current tour of three South American countries. His itinerary previously included Brazil, where he held a summit with Brazilian President Luiz Inacio Lula da Silva, and will later take him to Argentina. "Chile was the first country in South America to recognize the South Korean government, and it was also South Korea's first FTA partner," Lee declared, highlighting the historical significance of the South Korea-Chile FTA, which was enacted in 2004.

Despite the geographical distance, President Lee noted that "a deep friendship has always endured" between South Korea and Chile. While addressing the South Korean community, he promised to enhance consular services, stating, "I will establish policies for overseas Koreans and consular services that better protect your safety and rights and deliver tangible benefits."

In an interview with Spanish news agency EFE released earlier that day, President Lee outlined South Korea's ambition to modernize the South Korea-Chile FTA, stressing that it "must evolve to reflect new realities." Updating the agreement involves not only revising trade rules but also expanding business opportunities. During his visit to Chile, both nations are expected to sign a memorandum of understanding on cooperation in critical minerals, aimed at strengthening global supply chains. President Lee pointed out Chile's abundant reserves of lithium and copper, which are crucial for this endeavor.