President Park Geun-hye and Portuguese counterpart Anibal Cavaco Silva on Monday agreed to pursue joint projects in the Community of Portuguese-speaking Countries (CPLP).
The organization consists of eight countries with a total population of 220 million whose official language is Portuguese, including Angola, Brazil and Mozambique.
Park and Silva met at Cheong Wa Dae. In a joint press briefing, Park said Korea and Portugal will seek various ways to cooperate, like joint investment in fields where both sides have a competitive edge.
Silva said if companies from the two countries form a strategic partnership to enter the bloc, they will be able to create a significant synergy effect.
It is the first time a Portuguese president has officially visited Korea since the two countries established diplomatic ties in 1961.
In 2011, to mark the 50th anniversary of the ties, Park paid a visit to Portugal as a special presidential envoy and met with Silva.
The two leaders also signed two memoranda of understanding to cooperate in the fields of renewable energy and tourism.