South Korea's capital city has reached an agreement with New York to conduct a joint tourism marketing campaign promoting the two world cities.

A memorandum of understanding was signed Monday in Seoul between city officials there and New York's tourism agency, NYC and Company.

The pact calls for each city to promote the other with outdoor ads in their entertainment and shopping districts. A large digital ad for Seoul that will be played on a giant video screen in New York's famous Times Square tourist area.

The two cities will also post banners on each other's web sites.

Seoul is the first Asian city to engage in a joint marketing campaign with New York. The American city has signed similar agreements in the past with London, Madrid and Sao Paulo.