The leaders of South Korea and Honduras agreed Monday to bolster bilateral cooperation for the development of new energy sources and environment-friendly villages as parts of efforts to join the global drive to reduce greenhouse gas emissions.

The agreement was reached at a summit between President Park Geun-hye and her Honduran counterpart, Juan Orlando Hernandez, at Cheong Wa Dae, officials said.

After the meeting, the two leaders observed the signing of memorandums of understanding on improving power transmission and supplying electric cars in the Central American country. The two also agreed to build infrastructure for the operation of plug-in vehicles such as setting up charging stations in Honduras.

A stable energy supply is crucial for the Central American country as it imports about one-fifth of its electricity needs from neighboring countries. The country loses 32 percent of its electricity in transmission and distribution, compared to an average of 12 percent in Central and South America, according to the presidential office.

South Korea, by expanding energy cooperation with Honduras, expects to gain traction from the international community on it efforts in reducing greenhouse gas emissions. The two leaders agreed to consider developing a landfill gas-to-energy project in Honduras by utilizing the Green Climate Fund, a financial mechanism of the United Nations Framework Convention on Climate Change.

“We expect that the cooperation with Honduras on creating energy self-sufficient villages, using renewable energy and energy-saving devices will help South Korea reach the target for cutting greenhouse gas emission by 2030,” said Cheong Wa Dae.

South Korea recently finalized its 2030 target of cutting greenhouse gas emissions by 37 percent from business-as-usual levels equivalent to 850.6 million tons of carbon dioxide. The country is among the world’s top 10 carbon emitters.

The leaders also vowed to work closely to boost trade and investment between the two countries through a free trade agreement that South Korea is currently negotiating with six Central American countries.

In June, South Korea and the six Central American countries ― Guatemala, Panama, El Salvador, Honduras, Nicaragua and Costa Rica ― declared the official launch of negotiations for an FTA.

The six countries make up the fifth-largest market in Central and South America in terms of their combined gross domestic product. In 2014, trade between South Korea and the six countries reached $5 billion.

South Korea has clinched a series of FTAs with major trading partners, including the U.S. and China, in recent years as part of its efforts to boost growth in the country’s export-driven economy.

Hernandez’s trip comes as South Korea pushes to boost economic ties with South and Central America, a region Seoul calls a continent of opportunities that could give a much-needed boost to Asia’s fourth-largest economy. This is his first trip to Asia since taking office in early 2014.

By Cho Chung-un and news reports (christory@heraldcorp.com)