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The talks were preceded by an official welcome ceremony at the Cheongwadae presidential palace, where Mr Medvedev wrote in the honorary guests’ book: “I am happy to have the chance to visit the presidential palace. This visit to the Republic of Korea is another stage in developing the friendly ties between our two countries, of which we are marking the twentieth anniversary this year”.

The two presidents adopted a joint declaration following their talks and oversaw the signing of a package of intergovernmental agreements and memorandums. The documents signed include a memorandum of understanding on economic modernisation, and agreements on temporary employment, cooperation in the telecommunications, transport, and fisheries, and between the two countries’ prosecutors’ offices. The governors of Sakhalin and Irkutsk Regions also signed agreements on developing bilateral ties with two South Korean provinces, while the CEOs of Russia’s Mechel and South Korea’s Posco signed an agreement of intent.

Mr Medvedev called the package of documents a “good start for the future” and “a good result of the twenty years of effort we have made since our two countries established diplomatic relations”. The President noted in particular the memorandum on Russia’s economic development and innovation-sector cooperation.