By Kang Hyun-kyung

President Lee Myung-bak will hold a summit with Paraguayan leader Fernando Lugo Mendez May 29, Cheong Wa Dae announced Monday.

The two will exchange views on trade, investment and development assistance during the talks, according to a press release.

This year marks the 50th anniversary of Korea’s establishment of diplomatic relations with Paraguay.

It will be Lugo’s second visit to Korea since June 2008 when he chose this country for his first foreign visit as President-elect after winning the presidential election.

He will arrive here Sunday for a three-day visit. During the trip, the Paraguayan leader will visit the Yeosu Expo to participate in an event to celebrate “Paraguay Day” on May 28 along with other cultural events.

Several Korean companies, including Samsung Electronics and LG, have invested a total of $4 million in the Latin American country since 2006.

The Korean government has provided development assistance worth $42.2 million from 1991. Since the first wave of Korean immigrants arrived in the Latin American country in 1965, an estimated 5,000 now live there.