Panama, South Korea pledge to strengthen economic cooperation

(monstersandcritics.com) - Seoul  - South Korea and Panama agreed Wednesday to boost cooperation in infrastructure projects and development of natural resources, officials said.

South Korean President Lee Myung Bak asked his Panamanian counterpart, Ricardo Martinelli, for 'active support' for Korean firms that want to take part in infrastructure projects in the Central American country, Lee's office said.

Martinelli's administration plans to expand the Panama Canal and build more multipurpose dams, subways and railroads, it said.

The Panamanian president 'showed keen interest in learning from South Korea's experience in economic growth, and expressed hoped that South Korean businesses would participate in resources development and infrastructure projects in Panama,' according to Lee's office.

Martinelli was quoted as saying that his government would work to swiftly revise a law on mining to permit competitive companies from South Korea and other nations to participate in related projects.

The two presidents also witnessed the signing of an agreement to avoid double taxation between the two countries.

The Panamanian president arrived in Seoul Tuesday, after a visit to Singapore, and plans to travel to Taiwan.

He met with potential investors and stressed the importance of South Korea as the world's 13th-largest economy and the fifth-largest user of the Panama Canal.

Also on Wednesday, the Busan Port Authority, which operates South Korea's largest port on the south-eastern tip of the country, signed a pact with the Panama Maritime Authority to increase maritime trade.

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Original Source: monstersandcritics.com
Date Retrieved: October 20, 2010.