Yoon "Strengthening Cooperation with the Philippines on Key Raw Material Supply Chains"

President Yoon Suk-yeol delivers a congratulatory speech at the Korea-Philippines Business Forum held at a hotel in Manila, Philippines, on the afternoon of the 7th (local time).
[Image source=Yonhap News]

During his state visit to the Philippines, President Yoon Suk-yeol stated on the 7th (local time), "We will strengthen cooperation with the Philippines in the supply chain of critical raw materials."

President Yoon attended the 'Korea-Philippines Business Forum' held at a hotel in Manila that afternoon and said, "The Philippines, the world's second-largest nickel producer, is a resource-rich country, and there are many areas where the two countries can cooperate in the supply chain."

He added, "Infrastructure cooperation between the two countries is also a field with promising potential for future development," and said, "I hope that excellent Korean companies can contribute more to the expansion of infrastructure such as roads and bridges in the Philippines."

He also explained, "As geopolitical risks have recently increased and abnormal weather has become frequent, countries' concerns about food security are growing," and "We will expand cooperation between the two countries in areas that enhance agricultural productivity, such as pesticides, fertilizers, and agricultural machinery."

On the occasion of the summit between President Yoon and President Ferdinand Marcos, the two countries signed a Memorandum of Understanding (MOU) on cooperation in the supply chain of critical raw materials to further strengthen collaboration in core mineral exploration and technology development, as well as mutual support in case of supply chain disruptions.

The forum was attended by over 300 people, including President Ferdinand Marcos, Ryu Jin, Chairman of the Korea Economic Association, Lee Jae-yong, Chairman of Samsung Electronics, Cho Won-tae, Chairman of Korean Air, Koo Ja-eun, Chairman of LS Group, Kim Dong-kwan, Vice Chairman of Hanwha Aerospace, and Jung Ki-sun, Vice Chairman of HD Hyundai.