Lee made the remarks during a summit with Timor-Leste President José Ramos-Horta at Cheong Wa Dae in central Seoul, where the two leaders agreed to expand cooperation across various sectors.
The meeting marked the first official visit to South Korea by a Timorese leader since the two countries established diplomatic relations in 2002. It also came just ahead of the 25th anniversary of bilateral ties next year.
At a joint press conference, Lee said South Korea would share what it learned from its rapid industrial development with Timor-Leste, with the two countries working together to translate that experience into "tangible improvements" in the lives of the Timorese people.
The two countries also agreed to finalize a grant aid program as soon as possible to support Timor-Leste's development projects, share expertise in protecting intellectual property, explore cooperation on the green economy and climate change, and hold regular talks to strengthen biliteral ties.
Lee also pledged South Korea's support for Timor-Leste's efforts to expand its role within the Association of Southeast Asian Nations (ASEAN).
The two leaders also discussed regional security, with Lee explaining his administration's policy of pursuing peace with North Korea through dialogue and cooperation.
Ramos-Horta expressed his "full support" for the approach.
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