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South Korea urges Australia to boost economic ties

(Xinhua)
Updated: 2009-03-04 14:49

SYDNEY -- South Korean President Lee Myung-Bak on Wednesday encouraged Australian businesses to invest in his country so as to increase benefits from bilateral trade.

"(South) Korean industries are very much interested in becoming more closer with their Australian counterparts and its consumers. And both of our peoples want to enjoy what the other has to offer in terms of services, goods and good ideas," Lee told reporters in Sydney.

President Lee also urged Australia's green industries to share ideas on how to tackle climate change, vowing that his country will seek to be an environmental leader in Asia.

"Furthermore, (South) Korea has decided to work with Australia to go into developing countries in the Asia Pacific region to help others cope better in dealing with climate change," Lee said.

Lee, who arrived here earlier in the day for an official visit, will meet with Prime Minister Kevin Rudd on Thursday, when they are expected to announce a new security cooperation agreement similar to one Australia had with Japan.

South Korea is Australia's fourth largest export market. South Korea's investment in Australia rose 400 percent in the past year, while Australian investment in South Korea has increased 40 percent.