The leaders of South Korea and Zambia agreed Wednesday to widen cooperation in trade, natural resource development and agriculture during their summit in Seoul.

President Lee Myung-bak met President Michael Sata during the first state visit by a leader of the south African nation since the two countries established diplomatic relations in 1990.

The two leaders agreed that Korea’s advanced technology and Zambia’s rich natural resources yielded rich potential for closer cooperation in resource development and construction. Zambia’s natural resources include copper, coal and lead, Cheong Wa Dae said.

The trade volume between the two nations amounted to $525 million last year, with Korea’s import of Zambian raw materials coming to approximately $500 million. Investment in the African nation was estimated to be $1.65 million, according to the Export-Import Bank of Korea.

President Sata attended a welcome luncheon hosted by the Korea Chamber of Commerce and Industry, the Korea International Trade Association and other business associations on Tuesday, and the 3rd Korea-Africa Forum on Wednesday.

The state visit follows President Lee’s pledge to increase relations with African nations. In his 2010 New Year’s Speech, President Lee vowed to “especially strengthen ties with Africa.”

In the summer of 2011, President Lee took a 9-day tour of Africa, visiting South Africa, Congo and Ethiopia. During his visit, he also pledged closer economic cooperation and increased trade relations.

By Samuel Songhoon Lee 
(songhoon@heraldcorp.com)