South Korea plans to sign memorandums of understanding to promote financial cooperation with Costa Rica and Peru, the Finance Ministry said Thursday.

The pacts, to be reached during Vice Finance Minister Bang Moon-kyu’s visit to the Latin American countries, call for comprehensive cooperation aimed at sharing financial data and fiscal policy know-how. They also outline closer ties in policy implementation and management systems set up by the South Korean government.

The ministry said the MOUs can open the door for the export of dBrain, the country’s digital budget control system, and bilateral private sector investment.

South Korea has already signed similar pacts with three other countries: Russia, Honduras and Ecuador. (Yonhap)