President Yoon Suk Yeol will send special envoys to Panama next week to attend the inauguration of the country's president-elect, José Raúl Mulino.

South Korea's presidential office announced on Friday that Hong Soo-hwan, honorary chief of the Korea Boxing Commission, and Land Minister Park Sang-woo will attend Monday's inauguration as presidential envoys.

Hong and Park will deliver Yoon's congratulatory message along with a letter expressing hopes for closer cooperation to further enhance bilateral relations.

The envoys are also scheduled to meet with Panama's high-ranking officials, Korean residents, and visit South Korean businesses operating in the Central American country.

Hong, the 1974 World Boxing Association(WBA) bantamweight champion, is well known for winning the 1977 WBA super bantamweight title in Panama City after being floored four times by Panama's Hector Carrasquilla. Hong, who got back up each time, knocked out Carrasquilla in the third round to secure victory.