This was the 59th such agreement Croatia had signed with other countries.
Speaking of potential areas of cooperation, Vukelic and Lee cited shipbuilding, tourism, electronics, the textile industry, and the use of Croatian seaports, particularly the northern Adriatic port of Rijeka, for the transport of South Korean goods to Europe.
Vukelic said that Croatia and South Korea had good political relations, but that their economic relations were not at a satisfactory level.
Last year's trade between the two countries was US$165 million, which accounted for 0.7 per cent in Croatia's overall trade with foreign countries. Croatian exports to South Korea totalled a mere $1.2 million while imports from that country amounted to $164 million.
Vukelic said he believed that the agreement would help boost trade between the two countries and encourage business investment.
Ambassador Lee expressed satisfaction with the agreement signed, and also highlighted the need to promote trade and investment between the two countries.
It was agreed that business delegations from the two countries would meet to discuss possibilities of cooperation and investment.