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Ulsan Metropolitan City Mayor Maeng-Woo Bak, through an interpreter, said the wreath was to respect those who sacrificed their lives for world peace.
He said Korea had also suffered from war and ''we want to make sure ... we work hard to keep world peace in the future''.
The ceremony concluded a three-day visit from the Ulsan mayor, officials and media.
Queenstown Lakes District Council community services manager Paul Wilson said a memorandum of understanding had been signed between Ulsan and the Queenstown Resort College to help foster tourism education.
Ulsan has a population of 1.2 million people and is a mountainous, industrial city, home to car-maker Hyundai.
The Ulsan group was shown tourism attractions and was taken to the Southern Hemisphere Proving Grounds, near Wanaka, where many Hyundai vehicles are tested.
A memorandum of understanding was signed last August between Queenstown Lakes District Council, Destination Queenstown and Ulsan Metropolitan City explicitly to attract ''mountain tourists'' and promote each other.
Queenstown Lakes Deputy Mayor Lyal Cocks represented the district at a summit on sustainable mountain tourism in South Korea in October.