Korea and Bulgaria to enhance ties

President Lee Myung-bak and his Bulgarian counterpart Georgi Parvanov yesterday agreed to boost political, economic and cultural cooperation between the two nations.

President Parvanov arrived in Seoul on Sunday for a three-day visit, accompanied by a 70-member economic and trade delegation.

"The presidents agreed to step up practical cooperation in trade, investment, culture and international spheres," Cheong Wa Dae said.

After the summit, Lee and Parvanov observed the signing of bilateral agreements on classified defense information, social security and cultural exchanges, the presidential office said.

They also promised close cooperation in preparing for an event to commemorate the 20th anniversary of diplomatic relations next year.

The two countries forged formal ties in 1990 after Bulgaria transformed into a free market democracy.

In 2008, two-way trade reached $215 million, with Korea`s exports amounting to $152 million.



Lee told Parvanov that his visit would help deepen and widen bilateral ties in trade, culture, tourism and education.

Lee said that Korea-Europe economic relations will get a significant boost once the Korea-EU free trade agreement takes effect next year.

"There will be an especially significant increase in trade between Korea and Eastern Europe," he added.

Earlier in the day, Parvanov and his delegation including Economy Minister Traicho Traikov visited Hyundai Heavy Industries and Hyundai Motor Co. in Ulsan.

HHI, the world`s leading shipmaker, established its subsidiary in Sophia in 1997.

Hyundai Motor, the nation`s top automaker, opened a distribution and sales center in Sofia in 2008.

Parvanov will head for Australia today after attending a business forum on the investment climate and business opportunities in Bulgaria.

The conference is hosted by Korea Chamber of Commerce and Industry and the Bulgarian Embassy in Seoul.

(jjhwang@heraldm.com)



By Hwang Jang-jin