Office of the President Republic of China(Taiwan)

Taipei, June 16 (CNA) President Chen Shui-bian said Wednesday he looks forward to seeing substantive relations between Taiwan and South Korea grow further for mutual benefits.

Chen made the remarks while meeting with a delegation of academics and business executives from South Korea, headed by South Korean National Assemblyman Lew Jyun-sung.

Noting that Taiwan is now South Korea's fifth largest trading partner, Chen said there is still ample room for the growth in bilateral trade and economic cooperation.

South Korea is Taiwan's fourth largest import source and sixth largest export market. Chen said he hopes that bilateral trade and investment will continue expanding in the years ahead.

Despite the absence of formal diplomatic ties, Chen said Taiwan and South Korea have enjoyed longstanding friendship. "I'm hopeful that our two countries can further expand bilateral exchanges in cultural and many other fields," he added.