President Lee Returns from Singapore and Philippines Tour... Expanding the 'Economic Horizon' (Comprehensive)

On March 4, President Lee Jaemyung met with Korean and Filipino business leaders and stated, "I look forward to even stronger, mutually complementary economic cooperation." President Lee is scheduled to return home today, concluding his four-day visit to Singapore and the Philippines. During his trip, President Lee held summits with Singapore and the Philippines, both key ASEAN (Association of Southeast Asian Nations) countries, and achieved outcomes including expanded cooperation in trade and advanced technology sectors.

President Lee Jae-myung is speaking at the Korea-Philippines Business Forum held at the Conrad Hotel in Manila, Philippines on the 4th. Photo by Yonhap News Agency

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This morning, President Lee attended the Korea-Philippines Business Forum at the Conrad Hotel in Manila, where he met with approximately 250 business leaders from both countries. From Korea, around 150 businesspeople participated, including Lotte Group Chairman Shin Dongbin, HD Hyundai Chairman Jeong Kiseon, SK Vice Chairman Lee Hyunghee, Samyang Foods Vice Chairman Kim Jeongsu, Samsung Electronics President Kim Wonkyung, and LG Electronics President Jeong Daehwa.

In his congratulatory address, President Lee said, "Just as ships built by our companies at the Subic Shipyard carry Filipino-made products around the world, creating a second 'Manila Galleon' trade route, I expect economic cooperation between our two countries to become even more mutually complementary and robust." The Manila Galleon refers to the trade fleet that traveled between Acapulco, Mexico, and Manila, Philippines, from the 16th to 19th centuries.

President Lee also noted, "The Philippines' abundant critical minerals (such as nickel and cobalt) and Korea's advanced industries that utilize these resources present significant cooperation potential," adding, "Let us expand collaboration in high-demand areas such as shipbuilding, electronics, and electrical industries." He further emphasized, "The global trade environment is changing more rapidly than ever. Even amid uncertainty, I hope you will boldly invest in new opportunities based on thorough analysis and deep insight."

On the occasion of this forum, a total of seven memoranda of understanding (MOUs) were signed between public institutions and private sectors of both countries. Korea Hydro & Nuclear Power and the Export-Import Bank of Korea signed a "New Nuclear Power Plant Cooperation MOU" with Philippine electric utility Meralco, agreeing to cooperate on business and financial model joint development for new nuclear power plant introduction projects. HD Hyundai Heavy Industries and the Philippine Technical Education and Skills Development Authority (TESDA) signed a "Shipbuilding Industry Technology Development Cooperation MOU" to jointly foster skilled workers in the shipbuilding sector. Korea Mine Rehabilitation and Mineral Resources Corporation and the Philippine Mines and Geosciences Bureau also signed an "MOU on Cooperation in Critical Minerals."

Additionally, several other MOUs were concluded, including a "Food Export and Distribution Cooperation MOU" with participation from Samyang Foods, a "Strategic Partnership Agreement in Wellness Solutions" with Ceragem, an "Export and Distribution Cooperation MOU for Medical Supplies such as Fillers and Botox" with Jetema, and an "Educational Product Manufacturing and Education Program Operation Cooperation MOU" with Perigee Aerospace.

Earlier, President Lee visited the "Heroes' Cemetery," the national cemetery of the Philippines, to lay a wreath at the Korean War memorial and meet surviving veterans and their descendants. In the afternoon, a meeting with local Korean residents was also scheduled. After completing his itinerary, President Lee will depart the Philippines later today and return home late at night.

The focus of this trip was on "broadening the economic horizon." President Lee pushed to put strategic industries such as artificial intelligence (AI), nuclear power, shipbuilding, defense, and energy at the forefront, while concentrating efforts on linking cooperation with key ASEAN countries under the pillars of investment, supply chains, and security.

Chairman Jeong-Kiseon of HD Hyundai (from left), Minister Kim Junggwan of the Ministry of Trade, Industry and Energy, Chairman Shin Dongbin of Lotte Group, Deputy Prime Minister and Minister Paik Kyunghun of Science and ICT, and Chairman Ryu Jin of the Korea Employers Federation are listening to President Lee Jae-myung's speech at the Korea-Philippines Business Forum held on the 4th at the Conrad Hotel in Manila, Philippines. Photo by Yonhap News

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Commemorating the 77th anniversary of diplomatic relations, President Lee made a state visit to the Philippines and held a summit with President Ferdinand Marcos Jr. on March 3. The two leaders agreed to strengthen existing cooperation in areas like trade, infrastructure, and defense, while also expanding collaboration into new growth sectors such as shipbuilding, nuclear power, AI, and critical minerals. The two countries also signed 10 MOUs and agreements covering digital, public safety, veterans affairs, culture, and people-to-people exchanges. Achievements include expanding trade and investment based on the Korea-Philippines Free Trade Agreement (FTA) and easing business challenges for companies.

In particular, President Lee pledged support to enable Korean defense companies to actively participate in the Philippine military modernization program, based on the "Implementation Arrangement on Defense Logistics Procurement." Amendments to the arrangement, which strengthen provisions on maintenance, follow-up logistics support, and financial cooperation, are expected to expand cooperation beyond "exports" to include operation and support.

Shipbuilding, nuclear power, and resource cooperation were also bundled together. Korea Hydro & Nuclear Power and the Export-Import Bank of Korea agreed to cooperate with a Philippine power company on joint development of business and financial models and professional workforce training for new nuclear power plant introduction projects. In the shipbuilding sector, cooperation on local skilled labor development and supply expansion will be pursued. The MOU on critical minerals also aims to diversify supply chains.

Earlier in Singapore, on March 2, President Lee attended an official welcome ceremony, meeting, and state banquet with President Tharman Shanmugaratnam and his spouse, and held a summit with Prime Minister Lawrence Wong. During the Korea-Singapore summit, the two countries agreed to launch negotiations to upgrade their FTA and signed five MOUs covering AI, small modular reactors (SMRs), digital, and science and technology.

In the FTA upgrade negotiations, both leaders highlighted collaboration in aircraft maintenance, repair, and operations (MRO), aiming to strengthen competitiveness in the aviation and defense sectors. The Office of the President noted that, as the MRO market is valued at approximately 20 trillion won annually, this collaboration is expected to lead to expansion and new orders for the domestic maintenance, parts, and engineering ecosystem. Through the MOU on SMRs, a sector considered a future growth engine, President Lee also outlined plans to open a new chapter in nuclear power export and technology cooperation with Singapore. President Lee further reaffirmed his intention to expand AI cooperation by attending the "AI Connect Summit."

Additionally, during the summits with Singapore and the Philippines, President Lee shared an understanding of the recent instability in the international situation and established a consensus to overcome crises together.

Ferdinand Marcos, President of the Philippines, is speaking at the Korea-Philippines Business Forum held on the 4th at the Manila Conrad Hotel, attended by President Lee Jae-myung. Photo by Yonhap News

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