PNG and South Korea pledge to bolster resources cooperation

By Chang Jae-soon

HONOLULU, Nov. 12 (Yonhap) -- South Korean President Lee Myung-bak held a summit with Papua New Guinea Prime Minister Peter O'Neill on Saturday, pledging to bolster energy and resources cooperation combining Korean technologies and the South Pacific nation's rich resources.

The meeting took place in Hawaii on the sidelines of this year's summit of the Asia-Pacific Economic Cooperation forum aimed at discussing ways to spur the global economy, create jobs, reform regulations and improve energy efficiency and security.

During the meeting with O'Neill, Lee asked for support for South Korean firms operating in Papua New Guinea, noting that trade between the two countries has been on a steady rise since they established diplomatic relations in 1976, the presidential office said in a statement.

O'Neill said that South Korean firms' participation in major infrastructure construction, such as roads, dams and power plants, has contributed to the development of Papua New Guinea, and said the country will continue to cooperate with Korean firms, the statement said.

In addition, the two leaders agreed to actively study ways to increase mutually beneficial cooperation in the energy and resources area, combining South Korea's advanced technologies and rich resources in Papua New Guinea, it said.

O'Neill expressed gratitude for South Korea's efforts to help Papua New Guinea and other Pacific island nations with their social and economic development, while hoping to learn Seoul's economic development experience and know-how, the statement said.

They also agreed to work together for the success of the upcoming meeting of the High Level Forum on Aid Effectiveness to be held in South Korea's second largest city of Busan later this month. The forum is the world's conference on development assistance.

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