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SEOUL: Singapore's Prime Minister, Lee Hsien Loong, and South Korea's President, Lee Myung Bak, have agreed to help each other fight the global economic crisis and expand ties.
PM Lee says Singapore and South Korea enjoy a good relationship, and hopes more can be done to enhance it.
The two leaders had attended the ASEAN-Korea summit in South Korea's Jeju Island, and the Singapore leader will fly to China on Thursday.
This is their first official summit meeting since the South Korean president took office last year. The two had met earlier this week at the summit, which saw the signing of a landmark investments agreement between South Korea and the Association of Southeast Asian Nations (ASEAN).
The deal came after five years of negotiations, and it sets the stage for a full, comprehensive free trade agreement (FTA) between the two sides.
Singapore is South Korea's largest trading partner in Southeast Asia. An FTA was signed three years ago between the two sides, and PM Lee said it was now time to renew that bilateral agreement.
He said: "And I suggested to the (South Korean) president that we should take a broad perspective of the significance of this FTA, so that we have a substantial improvement over what has been done the last time, so that we set a new marker for trade cooperation in the Asia Pacific."
He said he also suggested that South Korea introduces more of its culture to Singaporeans, and others in region.
PM Lee said: "I think Korean movies are very popular, (as well as) pop songs, and he should capitalise on this Korean wave - which is underway now - and set up a Korean cultural centre in Singapore, which can popularise Korean culture not just in Singapore, but all over Southeast Asia, among the ASEAN countries."
A statement by the Presidential Office said the two leaders also agreed to boost exchanges in various areas - including financial, medical and green development - to help create a win-win situation.
PM Lee also noted South Korea's efforts in sustainable development, and said both countries could share ideas and experiences.
PM Lee also met South Korea's Finance Minister, Yoon Jeung Hyun, and chairman of the federation of Korean Industries, Cho Suck Rai. He also attended a luncheon hosted by South Korean Prime Minister Han Seung Soo.
PM Lee said he looks forward to meeting President Lee again in November, when Singapore hosts the APEC summit.
- CNA/yt
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