Ssangyong Motor

South Korea wants to forge free trade agreements (FTA) with other Latin American and Caribbean countries following
one with Chile, the country's vice finance minister said Sunday.

"Korea intends to support economic cooperation with Latin and Caribbean countries by building on its FTA with Chile
and entering FTA negotiations with other countries in the region as well," South Korean Vice Finance Minister Kwon
Tae-shin said in a speech at the Latin America Regional Briefing hosted by the Institute of International Finance
(IIF) in Brazil. A copy of Kwon's speech was released in Seoul.

Kwon said South Korea reaffirmed its commitment to promote cooperation and exchange with the region by signing its
first FTA with Chile in 2004. "After the FTA took effect, trading volume between the two nations increased by 55
percent in the first year...this clearly demonstrates the great benefit of free trade to both countries," Kwon said.

Kwon is in Brazil to attend a three-day annual meeting of the Inter-American Development Bank (IDB) that starts on
Tuesday. South Korea became the 47th member of the IDB last year and its second member from Asia after Japan. Founded
in 1959, the IDB is the main source of multilateral financing for Latin America and the Caribbean.

"With our accession to the IDB, we expect further progress in our cooperation and exchange programs with Latin America,
" he said, adding that South Korea created a US$140 million fund with the IDB and Inter-American Investment Corp.

He said South Korea contributed $67 million in Economic Development and Cooperation Funds to the region over the last
three years and is expected to increase the amount to $200 million by 2009.

- Source from YONHAP NEWS(Apr 2, 2006)