Manila: President Lee Jae Myung of South Korea and Philippine President Ferdinand Marcos Jr. have agreed to expand cooperation in defense and nuclear power sectors, among other areas, during their summit talks. The leaders emphasized strengthening bilateral economic ties in emerging sectors such as artificial intelligence (AI), nuclear energy, and critical minerals.
According to Yonhap News Agency, President Lee highlighted the need to expand bilateral relations beyond traditional areas like trade and investment, focusing on new promising fields. During the meeting held amid global geopolitical shifts, Lee underscored that both nations are poised to broaden the scope of their cooperation.
Lee expressed South Korea's willingness to be a key partner in the Philippines' nuclear energy ambitions, referencing past agreements related to the Bataan nuclear power plant and potential new facilities. The Bataan plant, completed in 1986, remained inactive due to safety concerns post-Chernobyl. Currently, Korea Hydro and Nuclear Power Co. is evaluating the plant's feasibility and exploring the use of small modular reactors in the Philippines.
The cooperation in critical minerals was also highlighted, with South Korea looking to leverage its technological expertise alongside the Philippines' rich mineral resources. This collaboration comes as global supply chain uncertainties grow, presenting an opportunity for both countries to strengthen their partnership.
To foster closer ties, the two nations signed nine memorandums of understanding (MOUs) covering areas such as AI, defense, transnational crime response, and cultural exchange. These agreements include joint research initiatives, a revised defense procurement deal, and expanded criminal investigation collaborations.
Additionally, the summit coincided with the anniversary of diplomatic relations between South Korea and the Philippines, which were established on March 3, 1949. Historical ties were acknowledged, including the Philippines' support during the Korean War.
The talks between Lee and Marcos also addressed the increasing tensions in the Middle East, with both leaders expressing hope for peace in the region. Furthermore, they reaffirmed their commitment to promoting peace and stability in their respective regions as long-standing allies and strategic partners.
In a bilateral business forum scheduled for Wednesday, seven additional MOUs will be signed covering shipbuilding, nuclear power, food, and medical equipment cooperation. The discussions also touched upon large-scale infrastructure projects in the Philippines, with Marcos inviting South Korea to participate in the Panay-Guimaras-Negros bridge project.
Overall, the summit marked a significant step in strengthening the multifaceted relationship between South Korea and the Philippines, with both nations looking to navigate the challenges of a rapidly changing global landscape together.