Russian President Vladimir Putin said on Saturday that Seoul is Moscow’s third largest trade and economic partner in the Asia Pacific Region.

In a conversation with his South Korean counterpart Lee Myung-bak, Putin also lamented that relations between Russia and South Korea lacked mutual investment.

The Russian leader said economic relations are being diversified and added that he is satisfied with a high level of political cooperation with South Korea.

Lee Myung-bak said bilateral relations will intensify if the visa regime is canceled, adding that he hopes for development of cultural cooperation between the two countries.

Bilateral trade in 2011 grew year-on-year by 40 percent to reach a record of $25 billion. In the first half of 2012, trade grew 4.2 percent. The volume of accumulated investment in the Russian economy totals about $3 billion.