South Korean Foreign Minister Yun Byung-se said here Wednesday that his country will expand economic cooperation with Sri Lanka from 300 million dollars to 500 million dollars over the next three years.

Yun, who arrived here earlier in the day, held bilateral discussions with his Sri Lankan counterpart Mangala Samaraweera during which both sides agreed to further strengthen ties in several areas.

Samaraweera said that Yun's visit is historic and timely as he is the first South Korean top diplomat to visit Sri Lanka in 31 years.

While addressing the media after the meeting, Samaraweera said that the governments of the Republic of Korea and Sri Lanka have agreed to further strengthen ties in trade and investment.

He expressed his government's deep appreciation at the announcement by the Republic of Korea to increase its economic cooperation with Sri Lanka from 300 million dollars to 500 million dollars within the next three years.

"I appreciate the financial assistance given to us by the Republic of Korea," Samaraweera said.

"I am confident that the visit by the minister will further enhance the relations between our two countries and pave the way for stronger ties in all spheres of cooperation," he added.

For his part, Yun said the South Korean government has agreed to facilitate Korean companies to engage in

infrastructure projects in Sri Lanka so that it would help Sri Lanka's national rebuilding efforts.

Yun said the two countries were planning to hold commemorative events to mark the 40th anniversary of diplomatic relations this year and facilitate the exchange of high-level visits.

He announced that his government will hand over a sum of 200,000 dollars to Sri Lanka as humanitarian aid for Sri Lanka's ongoing drought situation.

During his visit in Sri Lanka, Yun is also expected to hold discussions with Prime Minister Ranil Wickremesinghe and President Maithripala Sirisena. (Xinhua)