President Lee’s Visit to Singapore and Philippines Aims at Enhanced Cooperation in Supply Chains and Economic Security

President Lee Jae-myung, on a state visit to Singapore, poses with Singaporean Prime Minister Lawrence Won prior to their summit talks on March 2. (Photo on the courtesy of the Presidential Office)

President Lee Jae-myung returned home on March 4 after concluding a three-night, four-day visit to Singapore and the Philippines.

President Lee’s first trip to the core countries of the Association of Southeast Asian Nations (ASEAN) since his inauguration was conducted to propose cooperation in strategic industries, such as AI, nuclear power and shipbuilding as part of Korea’s efforts to expand its presence in the sectors.

While visiting Singapore on his first leg of his overseas tour, President Lee participated in a welcoming ceremony hosted by President Tharman Shanmugaratnam and the two later also held summit talks with Singaporean Prime Minister Lawrence Wong.

Both countries agreed to launch negotiations to improve the Korean-Singaporean Free Trade Agreement.

They decided to upgrade their relations to a strategic partnership on the occasion of the 50th anniversary of establishing diplomatic relationships last year.

Both sides struck five MOUs on cooperation in science and technology, public safety AI & digital technology, to ramp up cooperation in the intellectual property sector, joint use of an environmental satellite and SMRs.

The deal on cooperation in SMRs calls for presenting a plan to build a new axis in nuclear power export and technology cooperation with Singapore.

President Lee attended “AI Connect Summit” and reconfirmed Korea’s willingness to expand cooperation in the AI sector and joint research and investments in industry innovation and real-life applications by seeking to conclude an AI cooperation framework.

The leaders of the two countries discussed international issues caused by the U.S. and Israeli’s war with Iran.

President Lee said, “We have evaluated the Middle East situation’s impact on the global economy, such as global security and energy supply chains and shared the view the stability and peace of the Middle East will be restored.”

President Lee said, “I believe that Singapore will continue to offer full support to our government’s efforts to open a door of inter-Korean dialogue and achieve a substantial progress toward peace of the Korean Peninsula.”

The president asked for Singapore’s full support for peace policies on the Korean Peninsula.

Korea Agrees to Ramp Up Cooperation in Shipbuilding, Nuclear Power and Defense Sectors with the Philippines

President Lee, on his state visit to the Philippines, held summit talks with Philippine President Ferdinand Marcos Jr. in Manila on March 3.

They agreed to build cooperation in commerce, infrastructure, and defense industry sectors while agreeing to expand cooperation in new growth areas, such as shipbuilding, nuclear power, AI and core mineral resources.

Both sides signed 10 MOUs and contracts in areas encompassing digital, security, veterans’ welfare, culture and human exchanges.

A deal on procuring specified defense industry supplies calls for the Philippines’ full support for Korean defense industry companies’ participation in a project to modernize the Philippine military.

Revised contracts call for expanding the list of sole sourcing recipient companies and widening the scope of cooperation to weapon systems maintenance, repair and logistics support.

Both countries agreed to implement packages of cooperation in shipbuilding, nuclear power and resources sectors.

Korea Hydro & Nuclear Power and the Export-Import Bank of Korea (Korea Eximbank) agreed to cooperate in joint business and financial model development and manpower developement for introducing new nuclear power plants with Philippine power companies.

They also agreed to cooperate on the nurturing of local skilled manpower in the shipbuilding sector, while diversifying supply chains in accordance with an MOU on cooperation in core mineral resources.

President Lee paid homage to heroes’ tombs at the Philippine National Cemetery and extended thanks during a meeting with descendants of the late veterans who participated in the Korean War.

President Lee participated in the Korean-Philippine Business Forum at Conrad Manila Hotel on March 4 and expressed hope both countries would further cement complementary economic cooperation.

President Lee said, “I wish for both countries to open a new route of prosperity like the ‘2nd Manila Galeon’ in which ships our companies built at the Subic Shipyard transport goods produced in the Philippines to the whole world.”