Germany and South Korea to boost economic cooperation

[News_Editor]

Germany and South Korea to boost economic cooperation

2011-05-10 06:30:08 GMT+7 (ICT)

BERLIN, GERMANY (BNO NEWS) -- German President Christian Wulff and South Korean President Lee Myung-bak gathered on Monday and reached a bilateral economic agreement to boost the countries' trade and investment cooperation in environment-friendly industries, officials said.

According to South Korea's presidential office Cheong Wa Dae, Lee's second day of his three-day visit to Germany focused on economy, including environmental-friendly industries, as the two countries have improved and agreed to strengthen cooperation in political, economic and cultural sectors, Yonhap news agency reported.

The countries' leaders agreed to help each other expand their 'green growth' and renewable energy, as well as develop the electric vehicle industry, among others.

In 2010, South Korea exported $10.7 billion worth of goods and services to Germany, representing a 21.2 percent rise compared to the previous year, as the European country expanded its imports by 16.3 percent to $14.3 billion.

Lee is scheduled to meet German Chancellor Angela Merkel later on Monday, before finishing the three-day trip on Tuesday. On Sunday, the South Korean president met with fellow nationals in Germany, as he underlined the importance of ending Pyongyang's nuclear programs that he said were an obstacle to unification.

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