South Korea and the U.S. have signed their first bilateral memorandum of understanding(MOU) on cooperation in infrastructure.

Finance Minister Hong Nam-ki on Friday announced via his social network account that the two sides had signed the MOU on Thursday, saying the deal reaffirmed the solid South Korea-U.S. alliance. 

The minister also said that the deal will serve as momentum for the two nations to facilitate their advances into each other's markets as well as other countries.

He added that the MOU also provides an opportunity to seek harmonious cooperation between South Korea's policy targeting Southeast Asia and the U.S.' Indo-Pacific policy.  

The MOU calls for mutual investment and cooperation in winning joint projects in Latin America and Southeast Asia.

Under the agreement, the two sides will set up a working group to discuss joint projects in the global infrastructure market and hold working-level discussions involving public agencies, financial institutions and businesses.