President Lee: "Strengthen Cooperation with the Philippines in Shipbuilding, Manufacturing, and Energy"

Financial News, Manila and Seoul — After a state visit to Singapore, South Korean President Lee Jae-myung continued his trip with a state visit to the Philippines and met business leaders from both countries in Manila on the 4th. He highlighted the "historical bonds" forged by the Philippines’ participation in the Korean War and said he hoped to see even stronger, mutually complementary economic cooperation. With his schedule that day, President Lee concluded his four-day, three-night tour of two Association of Southeast Asian Nations (ASEAN) member states.
That day, President Lee attended the Korea-Philippines Business Forum held at the Conrad Manila Hotel. Philippine President Ferdinand Romualdez Marcos Jr., with whom Lee had held a summit the previous day, also joined the event, marking their second meeting in as many days.
President Lee stated, "I am confident that before long, ships built by our companies at Subic Shipyard will carry products manufactured in the Philippines to markets across Asia and the world, ushering in a new era of trade." He added, "The shipbuilding sector also holds enormous potential for cooperation. President Marcos demonstrated his strong commitment to bilateral cooperation by attending the production declaration ceremony at Subic Shipyard last September."
HD Hyundai is currently leasing the Subic Shipyard in the Philippines to build vessels, and observers are watching to see whether it will develop into a broader cooperation hub. Chung Ki-sun, chairman of HD Hyundai, took part in the business forum, along with Shin Dong-bin, chairman of Lotte Group, and other leaders.
President Lee went on to say that strengthened cooperation in manufacturing, energy, and infrastructure modernization should form the core pillars of a new partnership. On manufacturing, he noted, "The Philippines possesses key minerals such as nickel and cobalt, while Korea has advanced manufacturing technologies in semiconductors and electrical and electronic industries. Based on this complementary industrial structure, our two countries can generate strong synergies."
He also explained, "The Philippines has enacted the Philippine National Nuclear Energy Safety Act (PhilAtom Law) with the goal of introducing commercial nuclear power plants by 2032, and is actively expanding renewable energy such as solar power. If this is combined with Korea’s world-class nuclear power technology and clean energy supply capabilities, our two countries can jointly build an energy system that is both stable and environmentally friendly." Lee further stressed that "the Philippines is pushing ahead with large-scale infrastructure modernization, and many Korean companies are taking part, thereby deepening cooperation."
At the forum, President Ferdinand Romualdez Marcos Jr. responded, saying, "Trade and economic relations between the Philippines and the Republic of Korea have evolved into a strategic, future-oriented partnership grounded in our complementary strengths." He added, "The Philippines has always regarded the Republic of Korea as one of its most important trading partners."
This was the first business forum held in the ASEAN region since President Lee took office. From the Korean side, major companies from the shipbuilding, electrical and electronics, automotive, and consumer goods sectors participated. From the Philippine side, firms from finance, distribution, food manufacturing, and other industries joined to discuss ways to expand bilateral economic cooperation. On the sidelines of the forum, public institutions and private-sector entities from both countries signed a total of seven memorandums of understanding (MOUs). At a subsequent meeting with Korean residents, President Lee mentioned that he had asked President Marcos to temporarily transfer a Korean national imprisoned in the Philippines on drug charges to Korean custody. He reiterated his determination to eradicate crimes targeting Korean citizens. With the day’s events, President Lee wrapped up his four-day, three-night tour of ASEAN. During this trip, he focused on diversifying Korea’s economic footprint through summits in Singapore and the Philippines, both key ASEAN members. He also secured broader cooperation in future strategic industries such as artificial intelligence (AI), nuclear power, shipbuilding, defense, and energy. In particular, through his summits with Singapore and the Philippines, President Lee continued discussions on international developments, including the recent situation in the Middle East, and reaffirmed the countries’ commitment to coordination. President Lee is scheduled to preside over an extraordinary Cabinet meeting on the 5th, the day after his return. At the meeting, the Ministry of Economy and Finance (MOEF) and the Ministry of Foreign Affairs are expected to brief the Cabinet on the situation in the Middle East, assess its potential ripple effects, including the possibility of a prolonged conflict, and discuss the government’s response measures.
cjk@fnnews.com Choi Jong-geun and Sung Seok-woo Reporter