South Korean Foreign Minister Kim Sung-hwan will hold talks with his Israeli counterpart this week over expanding bilateral economic ties, the foreign ministry said Tuesday.

Israel's top diplomat Avigdor Liberman will arrive in Seoul Wednesday for a two-day trip marking the 50th anniversary of the establishment of formal diplomatic relations between the two countries.

The two will hold talks Thursday over strengthening economic and trade exchanges and deepening cooperation in consular services, according to the ministry.

The visit will mark the Israeli diplomat's first Seoul trip since taking office.

He is also scheduled to meet with South Korean lawmakers and visit Panmunjom, a village straddling the border between South Korea and the Democratic People's Republic of Korea.