Manila: President Lee Jae Myung emphasized the need for South Korea and the Philippines to enhance their collaboration in manufacturing, infrastructure, and energy sectors to foster complementary economic cooperation amidst global trade and supply chain uncertainties.
According to Yonhap News Agency, President Lee identified three key areas of economic cooperation during a business forum attended by business leaders and government experts from both nations, alongside Philippine President Ferdinand Marcos Jr. Lee proposed that manufacturing, energy, and infrastructure modernization should become the central pillars for a new phase of cooperation between the two countries.
In terms of manufacturing collaboration, Lee highlighted the Philippines' rich reserves of critical minerals like nickel and cobalt, alongside South Korea's advanced industries, such as semiconductors and electronics, as presenting significant potential for synergy. He also identified the shipbuilding sector as a promising area for cooperation, particularly through the partnership at the Subic shipyard in the Philippines.
The Subic Shipyard, originally constructed by South Korea's Hanjin Heavy Industries in 2006, has gained renewed momentum through a partnership with HD Hyundai Heavy Industries, becoming a major shipyard in Southeast Asia. Lee emphasized the importance of expanding cooperation in sectors with strong bilateral demand, including shipbuilding and the electrical and electronics industries.
In conjunction with the forum, seven memorandums of understanding (MOUs) were signed, covering areas such as shipbuilding, nuclear power, food, and medical devices. Notably, Korea Hydro and Nuclear Power, the Export-Import Bank of Korea, and the Philippine power company Meralco signed an MOU to collaborate on nuclear energy, aiming to develop a business model for a new nuclear power plant project.
Additionally, an MOU on shipbuilding technology development was signed between HD Hyundai Heavy Industries and the Philippines' Technical Education and Skills Development Authority (TESDA) to help train skilled workers in the shipbuilding industry.