President Lee and Prime Minister Shinawatra have signed a Memorandum of Understanding to upgrade the two countries' bilateral relationship into a strategic partnership.
During a joint press conference following their meeting Saturday morning, President Lee vowed to actively support various infrastructure projects in Thailand, especially those for the country's water management system and high-speed railway.
After being hit by the worst flooding in almost half a century last year, Thailand has been pushing ahead to create a new system for water management and flood control, worth some 11 billion U.S. dollars, benchmarking Korea's four rivers restoration project.
[Interview : President Lee Myung-bak] " I explained about Korea's four-rivers restoration project, and we agreed to work towards reciprocally sharing experiences and technology in the water management sector."
Korea Water Resources Corporation and a consortium led by Korea's Pyeonghwa Engineering are two of eight consortiums vying to take part in this massive project that will affect 25 rivers in Thailand.
President Lee and Shinawatra also promised to work towards reaching 30 billion dollars in bilateral trade by 2016, which is more than double of the figure posted last year.
They agreed to push ahead with joint research and hold preliminary talks for the signing of a Comprehensive Economic Partnership Agreement, that will allow free trade between the two nations.
[Reporter : Eoh Jin-joo
firstname.lastname@example.org] "With next year marking the 55th anniversary since Korea and Thailand established diplomatic ties, the two leaders agreed to set up culture centers in each others' countries as soon as possible. After wrapping up his five-day trip to Indonesia and Thailand, President Lee will be heading back to Korea on Sunday.
Eoh Jin-joo, Arirang News, Bangkok."