Lee's visits to Singapore, Philippines expands cooperation on ships, nuclear power, AI with Southeast Asia
Published: 04 Mar. 2026, 18:43
![President Lee Jae Myung delivers a speech at the Korea-Philippines Business Forum in the Philippines on March 4. [AP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/03/04/1ddf5b84-f9be-4d36-98e7-c267fdf197e7.jpg)
President Lee Jae Myung delivers a speech at the Korea-Philippines Business Forum in the Philippines on March 4. [AP/YONHAP]
MANILA — President Lee Jae Myung called for deeper economic bilateral cooperation on Wednesday, as Korea and the Philippines signed seven memorandums of understanding during a business forum in Manila.
“The Philippines possesses critical minerals, such as nickel and cobalt, while Korea has advanced manufacturing technologies in cutting-edge industries, such as semiconductors and electronics,” Lee said at the Korea-Philippines Business Forum at the Conrad Manila Hotel during his state visit to the Philippines. “Building on this complementary industrial structure, our two countries are poised to generate substantial synergy.”
One of the seven MOUs signed involved HD Hyundai Heavy Industries, which agreed to cooperate with the Philippines' Technical Education and Skills Development Authority to develop shipbuilding technology and train skilled workers.
“I am confident that, before long, vessels built at Agila Subic Shipyard [in the Philippines] will carry Philippine-made goods to Asean markets and beyond, ushering in a new era of trade,” Lee said.
HD Hyundai Heavy Industries currently builds ships at the Subic shipyard under a lease agreement.
About 150 Korean business leaders attended the forum, including Lotte Group Chairman Shin Dong-bin, HD Hyundai Chairman Chung Ki-sun, SK Supex Council Vice Chair Lee Hyung-hee, Samyang Foods Vice Chair Kim Jung-soo, Samsung Electronics President Kim Won-kyong and LG Electronics President Jeong Dae-hwa.
Philippine President Ferdinand Marcos Jr. and about 100 Philippine business leaders also attended.
![President Lee Jae Myung, right, shakes hands with Philippine President Ferdinand Marcos Jr. at the Korea-Philippines Business Forum in the Philippines on March 4. [AP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/03/04/349b437b-2eeb-43fe-b2c5-678be30985c1.jpg)
President Lee Jae Myung, right, shakes hands with Philippine President Ferdinand Marcos Jr. at the Korea-Philippines Business Forum in the Philippines on March 4. [AP/YONHAP]
Lee also met Ariel Galac during the visit, Blue House spokesperson Kang Yu-jung said.
Galac worked at a factory in Korea in 1992. After a workplace accident, he returned to the Philippines without any compensation. Lee learned about his case while working as a lawyer and helped Galac seek a retrial. Galac eventually received compensation for the industrial accident.
When the two met during the visit, Galec thanked Lee and told him that he still has positive memories of Korea, despite the accident.
![President Lee Jae Myung, right, shakes hands with Ariel Galac on the sidelines of the Korea-Philippines Business Forum in the Philippines on March 4. Galac worked at a factory in Korea in 1992 and returned to the Philippines without compensation after a workplace accident. Lee learned about the case while working as a lawyer and helped Galac seek a retrial. Galac eventually received compensation for the industrial accident. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2026/03/04/88ae0419-1dc5-47db-aafd-6f4380cc5dde.jpg)
President Lee Jae Myung, right, shakes hands with Ariel Galac on the sidelines of the Korea-Philippines Business Forum in the Philippines on March 4. Galac worked at a factory in Korea in 1992 and returned to the Philippines without compensation after a workplace accident. Lee learned about the case while working as a lawyer and helped Galac seek a retrial. Galac eventually received compensation for the industrial accident. [NEWS1]
“After the Galac case, the government changed the system so workers now receive compensation and medical treatment,” Lee said.
He then attended a meeting with Korean residents in the Philippines and stressed the need to strongly punish crimes that target Koreans.
He mentioned a drug trafficker surnamed Park, who is serving a 60-year prison sentence in the Philippines, and Jee Ick-jo, a Korean businessperson killed in the Philippines in 2015.
“[Park] reportedly killed three Koreans and still runs drug operations targeting Koreans from prison. We asked the Philippine government to temporarily hand him over to Korea,” Lee said.
On Jee, Lee said, “I asked the Philippine government to quickly capture one of the main suspects, a Filipino police officer.”
Lee's four-day trip to Singapore and the Philippines expanded cooperation with Southeast Asia in fields including AI and nuclear power.
Earlier during his trip to Singapore, Lee announced a plan to create a $300 million global fund focused on AI.
![President Lee Jae Myung delivers a speech during a state banquet at Capella Hotel Singapore in Singapore on March 2. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/03/04/53aca67b-635d-4c53-b5b5-597841e141e5.jpg)
President Lee Jae Myung delivers a speech during a state banquet at Capella Hotel Singapore in Singapore on March 2. [YONHAP]
The Korean government currently operates 19 funds worth $1.8 billion in the Asean region through global investment programs. The new fund will focus on AI and invest in Korean and Singaporean AI companies.
Korea Hydro & Nuclear Power also signed an MOU with Singapore's Energy Market Authority to share technology and cooperate on building small modular reactors.
Korea and the Philippines also agreed to expand nuclear cooperation beyond their partnership on the Bataan nuclear power plant, a facility that began construction in 1976 but never began operations, to include new nuclear power projects.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY YOON SUNG-MIN [[email protected]]
with the Korea JoongAng Daily
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