The leaders of South Korea and Paraguay discussed ways to enhance bilateral cooperation in trade, investment, development and other areas during their summit in Seoul on Tuesday, Cheong Wa Dae said.

President Lee Myung-bak and his Paraguayan counterpart Fernando Lugo Mendez also expressed appreciation that ties between the two countries have deepened in various sectors since the two countries established diplomatic relations some five decades ago.

Lugo arrived here on Monday for a three-day visit. He participated in a Paraguay National Day event at the World Expo in the southern coastal city of Yeosu to celebrate and share his country’s culture.

Lee expressed his appreciation to Lugo for visiting the Expo and asked him to give more support for South Korean nationals and businesses in the Latin American country.

Lugo hoped that the Seoul government could share its development experience and technology for managing water resources, and encourage Korean firms to invest more in his country.

The two-way trade volume reached $252 million last year. A number of South Korean firms including Samsung Electronics and LG Electronics invested a total of around $10 million from 2006-2011.

Lugo had visited Seoul as president-elect in June 2008.

Since the first group of Korean immigrants landed in the country in 1965, about 5,000 Koreans now live in Paraguay. In Korea, there are some 60 Paraguayans.

By Song Sang-ho (sshluck@heraldcorp.com)