Lee Eases Overseas Koreans' Banking Hassles: "Why Wasn't This Done Sooner?"

Meeting with Korean Community in Chile's Capital Santiago "Overseas Koreans at Center of Special Korea-Chile Bond" Vows to "Address Even the Smallest Inconveniences for Overseas Koreans"

Politics|
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By Song Jong-ho in Santiago
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President Lee Jae-myung and First Lady Kim Hye-kyung, on an official visit to Chile, receive bouquets from children at a meeting with Korean residents held at a hotel in Santiago on Nov. 29 (local time). Reporter Kwon Wook - Seoul Economic Daily Politics News from South Korea
President Lee Jae-myung and First Lady Kim Hye-kyung, on an official visit to Chile, receive bouquets from children at a meeting with Korean residents held at a hotel in Santiago on Nov. 29 (local time). Reporter Kwon Wook

President Lee Jae-myung, on an official visit to Chile, emphasized the special nature of relations between the two countries on the 29th, saying, "Chile was not only the first country in Latin America to recognize the government of the Republic of Korea, but also Korea's first free trade agreement (FTA) partner." He added encouragingly, "At the center of the special bond between Korea and Chile are you, our fellow Koreans."

Speaking at a meeting with the Korean community in Chile's capital of Santiago that day, President Lee said, "On a map, Chile is one of the farthest countries from Korea, but a deep sense of friendship has always kept us close." He continued, "It is a country we are grateful to, one that recognized our potential and extended its hand at a time when the world did not know Korea well. When Korea began opening its economic doors to the world, Chile became our valued partner." President Lee described Chile as a "valued partner," citing that in 1949 it was the first Latin American country to officially recognize the government of the Republic of Korea, and that it was the first country to conclude an FTA with Korea.

President Lee also said, "We are witnessing a new future for Korea-Chile relations," adding, "The horizon of cooperation between the two countries is gradually widening, spanning critical minerals, clean energy, digital and artificial intelligence, science and technology, and culture."

He also reaffirmed his commitment to resolving the difficulties and inconveniences faced by the overseas Korean community. President Lee stressed, "The inconveniences you experience are by no means an individual problem," and, "They are challenges that we, the Republic of Korea, must solve together." He pledged, "I will actively take good care of you so that Korea does not give you cause for worry."

President Lee introduced the financial power of attorney issue that overseas Koreans have faced when handling banking affairs as a representative example of improvement. Previously, overseas Koreans had to have a financial power of attorney verified at an overseas mission and then mail it to a domestic bank, which took considerable time and cost.

President Lee Jae-myung, on an official visit to Chile, speaks at a meeting with Korean residents held at a hotel in Santiago on Nov. 29 (local time). Reporter Kwon Wook - Seoul Economic Daily Politics News from South Korea
President Lee Jae-myung, on an official visit to Chile, speaks at a meeting with Korean residents held at a hotel in Santiago on Nov. 29 (local time). Reporter Kwon Wook

President Lee explained, "Starting tomorrow, July 31, a financial power of attorney verified at an overseas mission can be delivered directly to a domestic bank online," adding, "This not only reduces time and cost but also makes handling financial affairs much more convenient." He then emphasized once again, "I really don't understand why this practical measure wasn't done sooner," saying, "We will build overseas Korean policies and consular services that protect the safety and rights of our fellow Koreans and that they can tangibly feel."

Ha Sang-wook, president of the Korean Association in Chile, expressed his welcome to President Lee, saying, "When I first came to Chile, people who saw us would ask, 'Are you Chinese, or Japanese?' but now many people ask if we are Korean, which is a result of how much Korea's standing has risen."

Original reporting by Song Jong-ho in Santiago for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreign sources are based on Korean-language reports and may not reflect exact original wording.

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