President Lee Myung-bak and Bolivian President Evo Morales held a meeting in Seoul on Thursday and agreed to include South Korean companies in the development of Bolivian lithium resources.

After the talks, the two nations signed a memorandum of understanding on the research and development of lithium at Bolivia's Uyuni Salt Flats.

Lee thanked Morales for allowing South Korean firms to take part in the development and commercialization of Bolivian lithium. Morales responded by saying that he was highly appreciative of the dedication demonstrated by South Korean companies and research centers during related negotiations.

The Bolivian leader also agreed to put in place visa assistance for South Korean businesspeople to facilitate their activities in Bolivia and to reopen its embassy in Seoul to strengthen bilateral ties.

Bolivia has the world's largest untapped lithium deposit.

Morales arrived in Seoul on Wednesday for a three-day visit.