BRUSSELS, The leaders of South Korea and Thailand agreed Friday to further develop their countries' relationship and explore new joint business projects.

President Moon Jae-in and Prime Minister Prayut Chan-o-cha held a bilateral meeting on the sidelines of the Asia-Europe Meeting (ASEM) summit.

"The leaders evaluated the steady development of the two countries' friendly cooperation in various areas, including politics, economy, culture and people-to-people exchanges since they established diplomatic ties and agreed to cooperate closely together to further develop the strategic partnership between the two countries," Moon's presidential office Cheong Wa Dae said.

South Korea and Thailand established their diplomatic relationship in 1958. It was upgraded to a strategic partnership in 2012.

The leaders also agreed to seek new opportunities for joint projects, including Thailand's Eastern Economic Corridor development plan and the Thailand 4.0 government reform program.

The Thai leader expressed support for Moon's New Southern Policy, aimed at enhancing Seoul's diplomatic and economic ties with the 10-member Association of Southeast Asian Nations (ASEAN). Thailand will chair ASEAN next year.

They committed to cooperate for a South Korea-ASEAN summit next year, which marks the 30th anniversary of the start of dialogue between the two sides.

The Thai leader pledged ASEAN's continued support for Seoul's efforts to denuclearize North Korea and establish lasting peace on the Korean Peninsula.

Source: Yonhap News Agency