President Lee Jae Myung said Wednesday that Chile was the first country in the world to forge a free trade agreement (FTA) with Korea, stressing what he called the enduring friendship between the two countries.

The Korean president made the remarks during a meeting with members of the Korean community in Chile at a hotel in Santiago, held hours after he arrived in Santiago for a summit with Chilean President Jose Antonio Kast, set to be held Thursday.

Chile is the second stop on Lee's ongoing three-nation South America tour, which earlier took him to Brazil for a summit with Brazilian President Luiz Inacio Lula da Silva. It will later take him to Argentina.

"Chile was the first country in South America to recognize the Korean government, and it was also Korea's first FTA partner," Lee said.

The Korea-Chile FTA went into effect in 2004.

"On the map, Chile is one of the countries farthest from Korea, but a deep friendship has always endured" between the two countries, the president said.

Addressing the Korean community, the president pledged to make tangible improvements to consular services.

"I will establish policies for overseas Koreans and consular services that better protect your safety and rights and deliver tangible benefits," the president said.

In an interview with Spanish news agency EFE released earlier in the day, Lee said Korea seeks to modernize the Korea-Chile FTA, saying it "must evolve to reflect new realities."

Updating the agreement is not just about revising trade rules but also expanding business opportunities, Lee was quoted as saying.

During his visit to Chile, Seoul and Santiago plan to sign a memorandum of understanding on cooperation in critical minerals aimed at strengthening global supply chains, Lee was also quoted as saying, while highlighting Chile's abundant reserves of lithium and copper.