President Lee Jae Myung hosted Prime Minister Giorgia Meloni for the summit at his office in the first visit by an Italian leader to South Korea in almost two decades.
Speaking alongside the far-right leader following their meeting, Lee said the two countries would "further expand the horizons of cooperation into advanced industries such as artificial intelligence, space, and aviation".
"In addition, we will pursue complementary cooperation in the defence industry based on each side's strengths," Lee added.
South Korea has emerged as a major arms exporter in recent years as Central and Eastern European countries – including Poland – have signed deals with South Korean manufacturers in the face of Russia's protracted war in Ukraine.
The South has remained combat-ready since the 1950-53 Korean War ended in a truce and has been quick to export arms to countries in need.
But it has not supplied weapons to Ukraine due to a domestic policy preventing the provision of arms to countries at war.
"The war in Ukraine also poses an extremely serious risk to Europe's security in every respect," Meloni said.
"For that reason, we will continue to pursue new forms of cooperation at the global level," she added, describing Seoul as "one of the G7's most important partners".
Lee also vowed to "work closely together to contribute to global peace" and "safeguard the universal value of peace, extending our efforts... to the wider world".
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