President Lee Jae-myung and Australian Prime Minister Anthony Albanese met on Thursday on the sidelines of the APEC gathering in Gyeongju to discuss deepening bilateral ties.

Lee said he felt like he'd met a close neighbor and friend, emphasizing that the two nations share a long history of cooperation and should broaden collaboration amid global uncertainty.

He also thanked Australia for defending South Korea during the Korean War and for its contributions to freedom and democracy.

Albanese said he'd visited POSCO’s steel plant earlier in the day and called the Korean company Australia’s largest single corporate customer.

He noted that Korean firms are investing heavily in lithium, rare earths and other critical minerals in Australia—resources he said will power the world economy.

The Australian leader added that the two nations share a strong defense bond and vowed to stand with Seoul against threats from Pyongyang.