Costa Rican President Laura Chincilla celebrated the country’s 50th anniversary of diplomatic ties with Korea in Seoul on Monday.

The relationship between Korea and the Central American country are based around the key elements of education, democracy and human rights, said Chinchilla during her reception.

“Fifty years after the inauguration of relations, Korea has won its bet on the future and has established itself as an economic and technological power,” she said, according to an embassy press release

“Costa Rica, for its part, is a dynamic and competitive country with a diversified economy that, like Korea, aims to make innovation the main engine of growth.”

“Our relationship has also been strengthened by the joint defense of biodiversity and the agenda in the field of climate change, as well as the increasing dynamism of trade and investments,” said Chinchilla

Bilateral trade between the two countries reached $504 million in 2011. In the first half of 2012 trade has already reached $346 million, with a $30 million surplus for Korea.

Chinchilla, Costa Rica’s first female president, arrived in Seoul on Sunday and held summit talks with President Lee Myung-bak on Tuesday.

During their talks, Lee and Chinchilla agreed to start the foundation for free trade negotiations.

Lee also reaffirmed the country’s economic cooperation with the Costa Rican president, saying that they are expanding “in an appropriate direction,” according to a joint statement.

During her stay, Chinchilla also visited the Seoul National University Hospital on Tuesday in a push for more cooperation in the medical fields between the two countries including infrastructure and digital systems.

Earlier in the week, the first Costa Rican president to visit Korea in 11 years also met Seoul Mayor Park Won-soon and was awarded honorary citizenship. The two discussed possible exchanges between the two capitals, Seoul and San Jose, including cultural ones.

By Robert Lee (robert@heraldcorp.com)