Singapore: President Lee Jae Myung met with Singaporean President Tharman Shanmugaratnam during his state visit to the Southeast Asian country and expressed hope to learn from Singapore's real estate policies. Lee highlighted his longstanding interest in Singapore's real estate strategies, which he has followed closely since his tenure as mayor of Seongnam. He acknowledged the similarities in housing conditions between the two regions, where a large population resides within a limited land area.
According to Yonhap News Agency, Lee praised Singapore for its economic growth despite its geographical constraints, noting that housing and real estate have not escalated into significant social issues. Singapore's two-track housing market, which integrates regulation and supply measures, serves as a model, with approximately 80 percent of its residents living in public housing alongside a smaller private housing sector. This approach has prevented real estate from becoming a social problem, a challenge that Lee's administration is currently addressing.
Ahead of his summit talks with Singaporean Prime Minister Lawrence Wong, Lee underscored the potential for enhancing bilateral cooperation in advanced technologies. He emphasized Korea's focus on future technology investments, including artificial intelligence, an area where Singapore has demonstrated leadership. Lee suggested that collaboration in AI and power sectors could be mutually beneficial.
Tharman commended the robust growth in bilateral relations across trade, investment, research, and cultural exchanges. He remarked that this progress is particularly significant amid global uncertainties and expressed a desire to further elevate cooperation between the two nations.