The presidential office has said that a global pharmaceutical firm will invest some 630 million dollars in South Korea over the next five years.

Senior presidential secretary for economic affairs Yoon Jong-won held a briefing in Stockholm on Saturday following a South Korea-Sweden summit attended by President Moon Jae-in, his Swedish counterpart, and hundreds of businesspeople from the two sides.

Yoon said the investment by the British-Swedish pharmaceutical company AstraZeneca is the largest amount Korea has ever attracted in the biomedical field. 

He said the investment will spur research and development and also increase direct employment by the company by more than 20 percent.

Speaking at the event, President Moon said the two sides have revised their memorandum of understanding on health and medicine and agreed to strengthen support for and cooperation in the sector.

Swedish Prime Minister Stefan Lofven noted Korea's rapid economic development and said Korea inspires innovation. He added that both sides can learn from each other and "surprise the world."

South Korea's Ministry of Trade, Industry and Energy has also announced that six memorandum of understanding were signed with Sweden on trade, investment and new growth sectors.

The two countries' trade agencies agreed to carry out mutual delegation visits and help private sector firms better utilize the Korea-European Union free trade agreement.