South Korea and Finland have agreed to boost their bilateral cooperation in maritime shipping that will also ensure the European country's support for South Korea's development and use of a new North Pole shipping route, the South Korean government said Wednesday.

A memorandum of understanding (MOU) on cooperation will be signed Thursday in Seoul, according to the Ministry of Oceans and Fisheries.

"In the cooperation MOU, the countries will declare their agreement to build a partnership and share their own information and technologies related to maritime safety, environmentally friendly marine transportation and operation of an Arctic route," it said in a press release.

South Korea is moving to develop a new shipping route through the Arctic region, which it says can help reduce the distance and duration of travel from the country to northern European countries by up to 30 percent.

The country launched its first pilot service on the new North Pole route in 2013.

The ministry noted Finland's cooperation was especially important in developing and operating an Arctic route as the European country is a member of the eight-nation Arctic Council.

"As a member of the Arctic Council that consists of eight countries, including the United States, Russia and Norway, Finland possesses vast amount of knowledge and experience in building ships and operating North Pole routes," it said. (Yonhap)