(Yonhap) -- South Korean President Lee Myung-bak will visit Indonesia for an international democracy forum this week on a trip that will also take him to Thailand for summit talks aimed at boosting economic cooperation with the Southeast Asian nation, his office said Sunday.

   Lee will depart for the Indonesia resort island of Bali on Wednesday to attend the Bali Democracy Forum set for Thursday and Friday. Lee plans to deliver a keynote speech at the conference expected to be attended by representatives of 56 countries, including 10 heads of state.

   During the address, Lee plans to stress the importance of democracy as a universal value of mankind and underscore the need to promote democracy for the sake of international peace, safety and prosperity, the presidential office said in a release.

   On the sidelines of the conference, Lee will hold a summit with Indonesian President Susilo Bambang Yudhoyono on ways to deepen relations and exchanges between the two countries on the occasion of the 40th anniversary of their diplomatic relations, the office said.

   Trade volume between South Korea and Indonesia has more than doubled in the last five years to US$30.7 billion last year. The two countries have also been in talks to forge a comprehensive economic partnership agreement, which is a free trade deal.

   Right after the summit, Yudhoyono plans to decorate Lee with Indonesia's highest state medal, "Bintang Republik Indonesia Adipurna," which means "Star of the Republic of Indonesia," in recognition of his contribution to relations between the two countries.

   From Bali, Lee will head to Thailand for summit talks with Prime Minister Yingluck Shinawatra.

   Their meeting is expected to focus on ways to deepen substantial cooperation, including expanding trade and investment, the presidential office said. During Lee's visit, the two sides plan to sign a memorandum of understanding that calls for upgrading their ties to a "strategic partnership."

   Trade volume between South Korean and Thailand reached an all time high of $13.9 billion in 2011, and is expected to expand to $30 billion levels in five years.

   Lee also plans to lay a wreath at the Korean War memorial in Thailand as the first South Korean president to do so. He also plans to meet with Thai veterans of the 1950-53 war. 

Nearly 13,000 Thai soldiers fought alongside South Korea during the war, in which 129 of them were killed and 1,139 wounded.