Prime Minister John Key says negotiations on a free trade agreement with South Korea will begin as early as possible.
His comments follow a meeting in Auckland with President Lee Myung-bak on Tuesday.
In a joint statement, the leaders say there is significant opportunity to increase trade and investment between the countries through a free trade agreement.
They also discussed the global economic crisis and say it is important to maintain open markets during this time.
Mr Key says both countries have complementary economies and he believes the years ahead can be very successful for New Zealand and Korea.