Foreign Minister Yun Byung-se and the Palestinian Authority's top diplomat Riyad al-Maliki held talks earlier in the day in Seoul on bilateral issues, the Israel-Palestine conflict and security issues on the Korean Peninsula, according to the ministry.
Malki arrived in Seoul on Wednesday for a three-day visit, accompanying his country's leader Mahmoud Abbas.
The foreign ministry said that the two top diplomats agreed to beef up economic cooperation and spur exchanges at the government and civilian levels.
The sides also discussed the latest fourth nuclear test and long-range rocket launch by North Korea.
Palestine has kept diplomatic ties with North Korea while South Korea has not recognized Palestine as a state.