Yoon Holds Summit with Philippine President Marcos
Establishes Strategic Partnership... 75 Years Since Diplomatic Relations
Bataan Nuclear Power Plant Feasibility Study MOU... Cooperation Foundation
President Yoon Suk-yeol held a summit meeting with Philippine President Ferdinand Marcos Jr. on the 7th and agreed to establish a 'strategic partnership' between the two countries. They decided to strengthen cooperation in areas such as the economy, defense, supply chains, and nuclear power, and to increase the participation of Korean companies in large-scale infrastructure projects promoted by the Philippine government.
On the same day, President Yoon held a summit with President Marcos in Manila, Philippines, to discuss cooperation measures between the two countries. President Yoon, who embarked on a tour of three Southeast Asian countries to attend the ASEAN (Association of Southeast Asian Nations) summit, stayed in the Philippines from the previous day until this day to carry out official schedules. This is the first state visit by a Korean president to the Philippines in 13 years since former President Lee Myung-bak.
On this day, the two leaders established a strategic partnership 75 years after diplomatic relations were established, marking a groundbreaking turning point in bilateral relations. After the summit, President Yoon said at a joint press conference, "We have opened a new chapter in Korea-Philippines relations," adding, "Through this visit, we confirmed that the bilateral relationship holds infinite potential for development."
In the economic sector, they agreed to promptly implement the Korea-Philippines Free Trade Agreement (FTA) signed last September to expand trade and investment between the two countries. They also continued 'sales diplomacy' by discussing ways to increase the participation of Korean companies in large-scale infrastructure projects such as the Bataan-Cavite sea bridge project, which the Philippine government is prioritizing.
The two leaders signed a memorandum of understanding (MOU) on the Laguna Lake Circumferential Road and PGN sea bridge construction projects and agreed to promote these projects using Korea's Economic Development Cooperation Fund (EDCF). President Yoon said, "These two projects are large-scale development cooperation projects with support amounts of approximately 1 billion dollars each, ranking first and second in EDCF project standards, and our companies are expected to play a pivotal role."
The Presidential Office expects that through this, it will support the economic development of the Philippines and increase the participation of Korean companies in large-scale infrastructure contracts in the Philippines, creating a 'win-win' situation for both countries. Park Chun-seop, Senior Secretary for Economic Affairs at the Presidential Office, said at a local briefing, "As we aim to be a global pivotal country, we have actively promoted development cooperation through Official Development Assistance (ODA)," adding, "The Philippines, which has recently recorded rapid economic growth, is a very important partner country in terms of development cooperation."
Additionally, the two leaders signed an 'MOU on the Feasibility Study for the Resumption of the Bataan Nuclear Power Plant' and laid the foundation for nuclear cooperation between the two countries. The Philippines plans to resume nuclear power plant construction, which was halted after the 1986 Chernobyl nuclear accident, and hopes to cooperate with Korea, which has the world's top nuclear power competitiveness.
Senior Secretary Park said, "Korea Hydro & Nuclear Power will conduct a feasibility study on the economic viability and safety of resuming the Bataan nuclear power plant construction," adding, "We expect this to serve as an opportunity to develop cooperation between the two countries in the nuclear power sector, a high-efficiency clean energy source." If the feasibility study proceeds successfully, opportunities for entering nuclear power projects in the Philippines and Southeast Asia are expected to increase.
Based on the strategic partnership established on this day, the two countries also agreed to strengthen security cooperation in defense and defense industries. Korea will expand its participation in the military modernization projects that the Philippines is promoting until 2028. Also, based on the 'Maritime Cooperation MOU' signed this time, cooperation will be increased in areas such as maritime transnational crime response, information exchange, and search and rescue.
In addition, the Ministry of Economy and Finance and the Philippine National Economic and Development Authority signed an MOU on the 'Korea-Philippines Economic Cooperation Partnership (EIPP).' EIPP is a Korean-style knowledge-sharing project. Following the MOU signing, Korea will provide policy advice on the Philippines' digital government implementation plan and communication satellite network construction until 2027.
The two leaders agreed that the international community would never tolerate North Korea's nuclear development, provocations, and North Korea-Russia military cooperation, and also shared the importance of peace and stability in the South China Sea. President Yoon said, "President Marcos and I reaffirmed that the international community will never tolerate North Korea's nuclear development, reckless provocations, and illegal Russia-North Korea military cooperation, and we will continue to cooperate for North Korea's denuclearization and the faithful implementation of Security Council resolutions."
He added, "President Marcos expressed support for our '8.15 Unification Doctrine,' and we shared the view that a unified Korean Peninsula based on freedom, peace, and prosperity will contribute to world peace and prosperity."
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