Andong: President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi have reached an agreement to bolster cooperation in supply chains and the procurement of crude oil and liquefied natural gas (LNG), amid ongoing instability in the Middle East.
According to Yonhap News Agency, President Lee announced the outcomes of their summit during a televised joint press event held in Andong, his hometown, located 190 kilometers southeast of Seoul. Lee emphasized the importance of close bilateral cooperation in light of the current supply chain and energy market instability due to the conflict in the Middle East. Both leaders agreed on the urgent need to restore peace in the region.
"We agreed that close bilateral cooperation is needed more than ever amid the instability in supply chains and energy markets arising from the recent situation in the Middle East," Lee stated. He highlighted the joint decision to enhance collaboration in the LNG and crude oil sectors, describing them as crucial energy sources for both nations. The agreement includes expanding bilateral LNG cooperation and strengthening communication channels regarding crude oil supply and stockpiling.
During the summit's opening, President Lee emphasized Japan's role as a vital partner, underscoring the necessity of cooperation to address global challenges. He compared the current global situation to a rainstorm, suggesting that collaboration among like-minded countries is essential.
The president also praised the joint efforts of South Korea and Japan in global initiatives, such as ensuring freedom of navigation in the Strait of Hormuz and evacuating nationals from the Middle East. "Amid various difficulties, the solid friendship between our countries is shining more brightly than ever," he added.
Prime Minister Takaichi arrived at Daegu International Airport for the two-day visit, which reciprocates President Lee's previous visit to Nara Prefecture. Upon her arrival, she was greeted by South Korea's Second Vice Foreign Minister Kim Jina and was welcomed by President Lee in Andong with a display of camaraderie.
Security measures were heightened for Takaichi's arrival, with approximately 170 police officers and 40 patrol cars and motorcycles ensuring safety at the airport. Following the summit, the leaders are set to deliver a joint press announcement and attend a banquet dinner together. Prime Minister Takaichi is scheduled to return to Japan on Wednesday morning.