PHNOM PENH, South Korea and Cambodia on Friday signed a memorandum of understanding (MOU) to push for joint studies in various areas, including the agriculture, infrastructure and financial sectors.

The five-year agreement was signed by South Korea's National Research Council for Economics, Humanities and Social Sciences and the Royal Academy of Cambodia.

The signing ceremony followed a bilateral summit between South Korean President Moon Jae-in and Cambodian Prime Minister Hun Sen, both of whom were present at the ceremony.

Under the MOU, the countries will launch joint researches to identify possible areas of cooperation.

The agreement names 12 possible areas that also include health and welfare, transportation, tourism and education.

"As a country located along the resource-rich Mekong River, Cambodia is connected to the Chinese, ASEAN and Indian markets, and needs our cooperation for its industrial development, expansion of infrastructure, as well as the development of its information communication technology, financial, cultural, medical and education sectors," Seoul's presidential office Cheong Wa Dae said in a press release.

The five-year agreement will be automatically renewed unless terminated by either side, it added.

Four other MOUs were signed in the ceremony, including one that set the amount and conditions of South Korea's Economic Development Cooperation Fund to be provided to Cambodia over the next five years.

While meeting with South Korean residents here on Thursday, the South Korean president said his country's development aid to Cambodia will continue to rise.

Cambodia is already the world's second-largest recipient of South Korea's official development aid after Vietnam.

The agreements signed Friday also included a MOU calling for joint efforts to promote cross-border investment between the two countries.

Moon arrived here Thursday on a state-visit. He is the first South Korean president to make a state visit to Cambodia in 10 years.

Source: Yonhap news Agency