President Teodoro Obiang Nguema of Equatorial Guinea, left, and President Lee Myung-bak salute at an official luncheon at Cheong Wa Dae, Thursday. He is the first president of the Central African nation to visit Korea since the establishment of diplomatic ties in 1979. / Korea Times photo by Wang Tae-seog

By Na Jeong-ju

Korea and Equatorial Guinea agreed Thursday to boost cooperation in the energy sector, including oil and gas exploration, as well as in enhancing the Central African country’s infrastructure, Cheong Wa Dae said.

The two countries also agreed to promote bilateral exchanges in technologies and human resources to foster closer economic ties.

The agreements were reached at a summit between President Lee Myung-bak and President Teodoro Obiang Nguema Mbasogo, who arrived in Seoul Wednesday for a four-day visit.

Obiang expressed keen interest in Korea’s rapid transition to an industrial power from one of the poorest countries in the world, saying his country wants to emulate Seoul’s economic achievements.

He called for Korea’s assistance for the successful implementation of its long-term development project, Agenda 2020.

The tiny African nation with a population of some 700,000 has emerged as the fastest growing economy in Africa since oil was discovered in 1995.

Under the plan, it will invest money earned from oil exports into modernizing industrial infrastructure and creating a better residential environment.

Obiang called for participation of more Korean firms in his country’s projects to build residential complexes, roads and industrial facilities and develop water resources, according to Cheong Wa Dae.

It was his first Seoul visit as head of state. Obiang plans to tour around the country’s energy facilities and factories before flying to China, Equatorial Guinea’s biggest Asian ally, on Saturday.

Equatorial Guinea is now the third biggest producer of crude oil in sub-Saharan Africa, after Angola and Nigeria.