Singapore: President Lee Jae Myung utilized his visits to Singapore and the Philippines to strategically enhance South Korea's economic relationships in Southeast Asia, focusing on artificial intelligence (AI), nuclear energy, and defense sectors.
According to Yonhap News Agency, Lee concluded his four-day state visits amid growing tensions in the Middle East, following U.S.-Israeli conflicts with Iran, which have affected global financial markets and supply chains. In his discussions with leaders from Singapore and the Philippines, Lee emphasized the importance of deepening cooperation with ASEAN partners to tackle common challenges and develop new growth opportunities.
During discussions with Singaporean Prime Minister Lawrence Wong, Lee highlighted the necessity of close collaboration among economies in turbulent global conditions, noting Singapore's role as a strategic hub for next-generation industries. The two leaders agreed to initiate talks to upgrade their bilateral free trade agreement and signed five memorandums of understanding (MOUs) in areas such as AI and advanced technologies.
AI emerged as a key area of collaboration. Lee expressed optimism that South Korea and Singapore could lead in niche areas of AI, despite the global dominance of the United States and China. Lee announced plans at the AI Connect Summit to establish a global investment fund in Singapore by 2030, aiming to attract $300 million in investments into startups and AI.
In Manila, the discussions focused on defense industry cooperation, nuclear power, and critical minerals. Lee and Philippine President Ferdinand Marcos Jr. signed nine MOUs to enhance collaboration in AI, defense, and transnational crime responses. Lee emphasized South Korea's potential role in supporting the Philippines' nuclear energy goals, referencing past agreements on the Bataan nuclear power plant.
The two nations also addressed critical minerals, with the Philippines offering abundant resources and South Korea providing processing technologies. They amended a defense procurement deal to facilitate more South Korean companies contracting with the Philippine government and to include provisions for weapons maintenance and logistics support.
In his second regional trip since the ASEAN summit in Malaysia, Lee expressed his intention to visit more ASEAN countries, reinforcing his commitment to the "CSP" vision, which positions South Korea as a contributor to the aspirations of ASEAN youth, a catalyst for growth and innovation, and a partner for peace and stability.