1. The government of the Republic of Korea will send a delegation of special envoys, consisting of lawmakers Chin Young (head of the delegation) and Lee Hack-young of the Minjoo Party of Korea, to the inauguration of President of Chile Sebastián Piñera, to be held on March 11.

※ In Chile’s run-off presidential election held on December 17, 2017, center-right candidate Piñera, who won 54.6% of votes, defeated centre-left candidate Guillier, who took 45.4%, succeeding in taking power away from the left.

※ New President Piñera served as the President of Chile from March 2010 to March 2014. He retired in March 2014 in accordance with Chile's constitution that prohibits a leader from serving for two consecutive terms, and ran for office again in the latest election and won the presidency.

2. Chile is an economically developed Latin American county, which is emerging recently based on abundant mineral resources, active efforts to support reform and opening-up, and a high degree of integrity (it joined the OECD in 2010, becoming the first Latin American country to do so). Since the establishment of diplomatic relations in 1962, Chile and the ROK have developed close friendly and cooperative relations in a range of areas, including political, economic and cultural affairs, as well as on the global stage.

o In particular, the entry into force of the ROK-Chile FTA, the ROK’s first FTA, and the establishment of the “comprehensive cooperative relations for co-prosperity in the 21st century” in 2004 helped significantly advance the mutually-beneficial substantive cooperative relations between the two countries.

o As President Piñera, an economist and successful businessman-turned-politician, has a keen interest in the ROK’s economic growth and advances in science and technology, the two countries are expected to work together more closely in various sectors, including economic and trade relations; energy, resources, transportation and infrastructure; and healthcare and medical services, SMEs, and science and technology.

3. The delegation will congratulate President Piñera on his inauguration at the inauguration ceremony, and in their meeting with the leader of the new Chilean government, the delegation will convey the position of President Moon Jae-in and the ROK government that they hope the two countries, as future-oriented cooperation partners, will further deepen their friendship.

* unofficial translation