S Korea, Panama to strengthen bilateral co-op on energy, infrastructure

20:35, October 20, 2010      

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The leaders of South Korea and Panama agreed Wednesday to bolster bilateral cooperation on resources and infrastructure-building, South Korea's presidential office Cheong Wa Dae said.

At the summit meeting earlier in the day, South Korean President Lee Myung-bak and his Panamanian counterpart Ricardo Alberto Martinelli Berrocal discussed collaboration in trade, investment, resources and infrastructure.

"The Panamanian President showed keen interest in learning from Korea's experience in economic growth and hoped that Korean businesses would take part in resources development and infrastructure construction projects in Panama," Cheong Wa Dae said.

Lee, in response, asked for "active support" for South Korean companies seeking to tab into the Panamanian market. Panama is looking to expand the Panama Canal and construct multi-purpose dams, according to Cheong Wa Dae.

The leaders signed a double taxation avoidance agreement. The Busan Port Authority and the Panama Maritime Authority also signed a separate memorandum of understanding aimed at increasing the volume of their bilateral maritime trade.

Martinelli's visit marked the first one by a Panamanian head of state to South Korea. The two countries forged formal diplomatic relations in 1962.

Source: Xinhua


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