Korea, Singapore agree on trade, AI, nuclear energy cooperation at summit

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Korea, Singapore agree on trade, AI, nuclear energy cooperation at summit

Published: 02 Mar. 2026, 18:32 Updated: 02 Mar. 2026, 18:39

SARAH KIM
[email protected]

Audio report: written by reporters, read by AI

Korean President Lee Jae Myung, left, hugs Singaporean Prime Minister Lawrence Wong after their joint press briefing at the Foreign Ministry in Singapore on March 2. [JOINT PRESS CORPS]

South Korean President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong agreed to expand cooperation in trade, security, AI, nuclear energy and a green transition during a bilateral summit on Monday.

South Korea and Singapore adopted a joint statement and five memorandums of understanding (MOU) in areas including AI, intellectual property and small modular reactors for nuclear power.

The two leaders also agreed to further advance their bilateral strategic partnership and deepen dialogue on the situations involving the Korean Peninsula and the Middle East during Lee's three-day state visit to the Southeast Asian country.

"I would like to express my deepest gratitude to the prime minister for actively supporting our government's efforts to achieve peace and stability on the Korean Peninsula and resume inter-Korean dialogue," Lee said in a joint press briefing alongside Wong after their summit talks at the Singaporean Foreign Ministry. "Eight years ago, Singapore demonstrated outstanding diplomatic prowess as a peacemaker through its leadership in promoting dialogue and communication. I believe that Singapore will continue to play a constructive role in promoting peace on the Korean Peninsula and in the region."

He referred to the historic first summit between North Korean leader Kim Jong-un and U.S. President Donald Trump in Sentosa, Singapore, in June 2018, which paved way to a period of denuclearization talks and an unexpected friendship between the two countries' leaders.

Lee also said he and Wong assessed the impact of the situation in the Middle East on global security and economy, including energy supply chains and "shared the hope that stability and peace will be restored in the Middle East."

Korean President Lee Jae Myung, far left, and Singaporean Prime Minister Lawrence Wong, far right, clap at an MOU signing ceremony agreeing on cooperation in artificial intelligence and digital technology at the Foreign Ministry in Singapore on March 2. [JOINT PRESS CORPS]

During the summit, the two sides adopted an MOU on investment partnership, signed between the state-run Korea Development Bank and Seviora, an asset management group under Singaporean sovereign wealth fund Temasek. They also signed MOUs on cooperation in AI and enabling digital technologies for public safety; intellectual property; science and technology to strengthen bilateral partnership in quantum computing, space engineering and satellite technologies; and space and geospatial information for environmental and pollution issues.

Another MOU was signed on civil nuclear energy cooperation, agreeing to jointly develop small modular reactor project models and share related information.

The two sides further agreed to expand cooperation in the fields of cutting-edge technology and energy security and work towards concluding an AI cooperation framework.

Lee and Wong also agreed to begin negotiations to upgrade the South Korea–Singapore free trade agreement, which entered into force in 2006, to fully reflect evolving trade and economic security dynamics. This includes advances in the digital economy, economic security and supply chains, the Blue House said in a statement.

President Lee Jae Myung, left, and Singaporean President Tharman Shanmugaratnam inspect an honor guard during an official welcome ceremony for the Korean leader's state visit to Singapore on March 2. [JOINT PRESS CORPS]

On Sunday, Lee began a four-day, two-country trip to Singapore and the Philippines, his second trip to Southeast Asia since taking office after attending the Asean summit in Malaysia last October.

His visit comes four months after Wong visited South Korea to attend the APEC gathering in Gyeongju, North Gyeongsang, and hold a bilateral summit in Seoul.

On Monday morning, Lee was greeted by Singaporean President Tharman Shanmugaratnam at an official welcome ceremony at Singapore's Foreign Ministry.

Ahead of the summit, a new orchid hybrid in Singapore was named after President Lee and first lady Kim Hea Kyung, the Blue House announced, during a ceremony held Tharman at the Foreign Ministry.

The orchid was named "Vanda Lee Jae Myung Kim Hea Kyung," reflecting a Singaporean diplomatic tradition to name new hybrid orchid after visiting heads of state to promote friendly bilateral relations. Lee said he is "truly honored" by the gesture during the ceremony.

President Lee Jae Myung, center, and first lady Kim Hea Kyung, left, attend a ceremony naming an orchid hybrid after them, hosted by Singaporean President Tharman Shanmugaratnam, right, at the Foreign Ministry in Singapore on March 2. [JOINT PRESS CORPS]

During talks with Tharman, Lee expressed hope to learn from Singapore's real estate policies.

"One of the similarities between Singapore and South Korea is that many people live in a small land area," Lee said. "What is truly surprising that Singapore has achieved tremendous economic growth despite this small land area without housing or real estate becoming a social problem."

Lee shared that he has been interested in Singapore's real estate policy since his time as mayor of Seongnam, a city in Gyeonggi, from 2010 to 2018 and expressed hopes to "learn a lot about Singapore's real estate policy through this visit."

The core of Singapore's real estate policy is state-led housing supply, where approximately 80 percent of its population resides in public Housing Development Board flats. The government also provides various state subsidies and housing loans.

President Lee Jae Myung, center, speaks during the Korea-Singapore AI Connect Summit in Singapore on March 2. [JOINT PRESS CORPS]

Lee later attended the Korea-Singapore AI Connect Summit, a forum attended by business leaders and entrepreneurs from both countries in the AI sector.

During the business event, Lee said that South Korea will work towards creating a global investment fund in Singapore by 2030 to attract investments worth $300 million in startups and the AI sector.

The two sides also celebrated the launch of the Korea–Singapore AI Alliance, a framework designed to expand bilateral cooperation in the AI sector through collaboration with startups, large corporations, young researchers and world-renowned scholars,

A total of seven MOUs were signed to promote joint research and industrial cooperation in the AI sector between companies and institutions of the two countries.

Lee further pledged that South Korea will support practical cooperation through the AI Cooperation Framework, creating a $300 million "Korea Venture Capital Corporation" global fund by 2030 and "enable researchers from both countries to dedicate themselves to developing AI technology to solve humanity's challenges."

BY SARAH KIM [[email protected]]