Korean President Lee Myung-bak and visiting Chilean President Michelle Bachelet Jeria held a summit meeting at Lee''s office on Wednesday (Nov. 11).

The two Presidents expressed satisfaction about the developing bilateral relationship between Korea and Chile since the launch of official diplomatic ties in 1962. They emphasized that this year marked the 60th anniversary since Chile endorsed the Republic of Korea in 1949, first among all Latin American countries.

They also said that the Korea-Chile FTA had played an important role in advancing bilateral ties since 2004, when the deal took effect. They pledged to share thoughts on developing the free trade deal in ways to benefit both sides.

They welcomed the conclusion of the Korea-Chile MOU on mutual human resource development and promised to jointly support events celebrating the 200th anniversary of Chile''s independence and the 2012 Yeosu Expo, to be hosted by Korea.