TAIPEI, March 27 (AFP) - Taiwan President Lee Teng-hui Thursday expressed the hope to build on new ties with Tibet after meeting with the Dalai Lama at the end of the Tibetan Buddhist's visit to the island.

"The president highlighted the importance of cultural exchanges with Tibet, and hopes to further enforce this," a statement from the presidential office said.

He also praised the 1989 Nobel Prize Peace laureate as a "real pacifist who advocates 'love and non-violence' with compassion in his life."

The two leaders talked about religion, compassion, love and tolerance and exchanged in-depth views on spirituality, the statement added.

The meeting was dubbed by the presidential office as a "meeting of the philosophy kings" as Lee is a devout Christian Presbyterian.

Lee told the Dalai Lama that in the past 40 years Taiwan had "devoted ourselves to economic development to create the so-called economic miracle.

"We are wealthier in material things but less rich in our souls. The public is becoming more materialist ... and are losing gradually their compassion for the society and their ideals for life."

The Dalai Lama praised Lee's views, saying that during his short-stay here he could feel the extensive material development on the island, but it has had a negative influence on the society, the statement added.