June 24, 2005 – South Korea and China have agreed to sign a memorandum of understanding to establish a joint research network for nanotechnology next month, officials in Seoul said yesterday, reported the Korea Times.

The agreement was made in a meeting between South Korean prime minister Lee Hae-chan and his Chinese counterpart Wen Jiabao. Lee is on a three-day visit to Beijing at the official invitation of the Chinese premier.

The governments of Seoul and Beijing will further cooperate in developing cutting-edge technology to boost both countries’ industrial and technological competitiveness, according to the agreement. The research network to be set up between the Korea Advanced Institute of Science and Technology and the Chinese Academy of Science is part of the long-term plan.

The two premiers also pledged to work toward the goal of bilateral trade amounting to $100 billion as early as this year. In a 2003 summit between President Roh Moo-hyun and Chinese president Hu Jintao, they had originally agreed to make it by 2008.