S. Korea, Philippines forge strategic partnership

Oct 08, 2024, 09:15 am

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President Yoon Suk-yeol and Philippine President Ferdinand Marcos Jr. toast during a state luncheon at Malacanang Palace in Manila on Oct. 7, 2024./ Source: Yonhap News

AsiaToday reporter Hong Sun-mi

President Yoon Suk-yeol and Philippine President Ferdinand Marcos Jr. agreed Monday to forge a strategic partnership between the two countries to enhance cooperation in security, economy, energy and other areas. It marks the first elevation of ties since the two countries established diplomatic relations 75 years ago.

As the two countries signed an MOU on the resumption of construction of the long-dormant Bataan nuclear power plant, which stopped construction in 1986, it is evaluated that South Korea has secured a bridgehead for nuclear power plant exports to Southeast Asia following the Middle East and Europe.

The leaders adopted a joint declaration to establish a strategic partnership during their summit in Manila during Yoon’s state visit to the Philippines.

“The establishment of the strategic partnership opens a new chapter in relations between South Korea and the Philippines,” Yoon said in a joint press conference.

Korea Hydro & Nuclear Power (KHNP) and the Philippine government signed an MOU for a feasibility study on the Bataan nuclear power plant. The Philippine government plans to build about three nuclear power plants by 2050.

Another MOU was signed in Manila to offer financial assistance through the Economic Development Cooperation Fund (EDCF). Under the agreement, the Seoul government will allocate $905 million worth of EDCF funds for the construction of the first section of the Laguna Lakeshore Road Network, $1 billion for the construction of a bridge connecting the three central Philippine islands of Panay, Guimaras and Negros. It also signed a $110 million loan agreement for the second phase of the Samar Coastal Road project for the construction of two new bridges and road renovations in the region. Bidding for these projects will be open to Korean companies.

The two leaders agreed to enhance cooperation in the defense industry, including the third phase of the Philippines’ military modernization project.

They also agreed to collaborate on major infrastructure projects in the Philippines and strengthen cooperation in new areas, including the supply chain of critical minerals such as nickel and cobalt.

After the summit, Yoon attended a state dinner and business forum presided over by President Marcos Jr. and headed to his next destination, Singapore.

#Philippines #strategic partnership #Yoon Suk-yeol