President Lee Myung-bak pledged Monday to expand South Korea's development assistance and other aid to Southeast Asia, an increasingly important region of vibrant economies with high growth potential.

Lee made the commitment during an annual cooperation summit with the 10-nation Association of Southeast Asian Nations (ASEAN) in Phnom Penh, saying South Korea will work toward co-prosperity with the region, according to the presidential office.

In particular, Lee said South Korea will take advantage of its excellence in information and communication technologies to help facilitate economic growth and enhance connectivity in the region so as to narrow development gaps, the office said in a news release.

Noting that their trade volume reached an all-time high of $124.9 billion last year, the two sides pledged to work together to expand trade to US$150 billion by 2015, the statement said. They also agreed to bolster cooperation in the areas of green growth and climate change, it said.

ASEAN has emerged as an increasingly important region to South Korea, with a combined population of 600 million and the GDP totaling $2.15 trillion. The region is South Korea's second-largest trade and investment partner, with two-way trade reaching a record high last year.

South Korea also won construction orders worth $12.8 billion from ASEAN last year. The number of visitors between the two sides has also been on the rise, with more than 5 million people visiting the other side last year.

In recent years, South Korea has taken various steps to strengthen relations with ASEAN, such as the 2009 conclusion of a free trade pact, the 2010 establishment of a strategic partnership and the establishment of South Korea's diplomatic mission to ASEAN.

Later in the day, Lee attended an "ASEAN plus Three" summit involving South Korea, China and Japan as well as the 10 Southeast Asian nations, and discussed ways to deepen financial, food and other cooperation among the partners, Seoul officials said.

In particular, the leaders adopted a joint declaration, dubbed "ASEAN Plus Three Partnership on Connectivity" aimed mainly at boosting physical, institutional and people-to-people connectivity among the ASEAN states so as to narrow development gaps in the region.

The leaders also welcomed an agreement to double the volume of a regional currency swap agreement, known as the Chiang Mai Initiative Multilateralization, to strengthen the regional financial safety net, as well as a new roadmap aimed at advancing Asian bond markets.

They also reaffirmed their commitment to ensure the implementation of the "ASEAN Plus Three Emergency Rice Reserve," a food stock formed with contributions from the members to be used when the supply becomes unstable in the region, officials said. (Yonhap News)