Lee expands economic partnerships during ASEAN tour

Mar 05, 2026, 09:11 am

		0
President Lee Jae-myung and First Lady Kim Hye-kyung greet officials before departing the Philippine Air Force’s Villamor Air Base after concluding a state visit to the Philippines on March 4. / Yonhap

President Lee Jae-myung returned to South Korea on Tuesday after completing a four-day trip to Singapore and the Philippines, securing agreements aimed at expanding cooperation in nuclear power, defense, artificial intelligence and supply chains.

During the state visits to the two key ASEAN members, Lee focused on strengthening collaboration in advanced industries such as nuclear energy, defense, shipbuilding and AI, while seeking to broaden overseas opportunities for Korean companies.

A highlight of the trip came during Lee’s summit with Philippine President Ferdinand Romualdez Marcos Jr. on March 3, where the two leaders agreed to strengthen cooperation in infrastructure and nuclear energy projects, including the potential restart of the Bataan nuclear power plant and the construction of new reactors.

The two countries also signed an implementation agreement on defense procurement, which is expected to open South Korea’s defense industry to the Philippines’ military modernization program estimated at about 49 trillion won.

In addition, Seoul and Manila signed a memorandum of understanding on critical minerals cooperation. The Philippines is rich in key resources such as nickel — the world’s sixth-largest reserves — and cobalt, ranked fourth globally, making the partnership important for supply chain stability.

Earlier in the trip, Lee held talks with Singapore Prime Minister Lawrence Wong and agreed to begin negotiations to update the Korea-Singapore Free Trade Agreement, which took effect in 2006, to reflect the evolving global trade and security environment.

The leaders also pledged to deepen cooperation in artificial intelligence, with Singapore regarded as a leading AI hub. The agreement is expected to support Lee’s policy goal of positioning South Korea among the world’s top three AI powers.

After returning home, Lee plans to focus on domestic issues. The president will convene an extraordinary Cabinet meeting on March 5 to assess the situation in the Middle East and discuss potential response measures.

#Lee Jae-myung #ASEAN trip #Singapore Philippines visit #nuclear power cooperation