Korea-Singapore Summit Held on November 2
MOUs Signed in Digital, Culture and Sports, Green and Digital Shipping Routes, and Human Resources Administration
Continued Expansion of Regional Trade and Investment Through the Korea-Singapore FTA
President Lee Jaemyung held a summit meeting with Singaporean Prime Minister Lawrence Wong on November 2 and adopted a joint statement on establishing a strategic partnership between South Korea and Singapore. Immediately following the summit, a total of four Memoranda of Understanding (MOUs) were signed in the presence of both leaders, covering the fields of digital cooperation, culture and sports, green and digital shipping routes, and human resources administration.
The two leaders have actively engaged in exchanges, starting with a phone call shortly after the launch of the Lee administration in June, and meeting at the ASEAN-related summits and the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last week. President Lee noted that Prime Minister Wong’s visit to Korea in this year, which marks the 50th anniversary of diplomatic ties between the two countries, was especially meaningful. Prime Minister Wong expressed his gratitude for making his first official visit to Korea since taking office.
During the summit, the two leaders highly praised the remarkable growth achieved by both South Korea and Singapore despite limited resources and challenging geopolitical conditions. They also agreed on the need to further strengthen strategic cooperation between the two countries in response to changes in the security and economic environment that are shaking the international order, including multilateralism and free trade, which have enabled both countries’ development.
Accordingly, the leaders held in-depth discussions to strengthen cooperation and solidarity between the two countries in the areas of politics and security, economy, green economy and energy transition, advanced technology, people-to-people exchanges, and regional and international issues, and adopted a joint statement on establishing a strategic partnership between South Korea and Singapore. Immediately after the summit, four MOUs were signed in the fields of digital cooperation, culture and sports, green and digital shipping routes, and human resources administration.
The two leaders agreed to further expand cooperation in joint research on advanced defense technologies, leveraging their strengths as advanced technology powerhouses. In particular, President Lee emphasized South Korea’s strong willingness to actively participate in the diversification of Singapore’s defense industry. In addition, the two leaders agreed to strengthen cooperation in responding to transnational crimes such as online scams and cyber threats, which have recently emerged as key regional issues, by leveraging both countries’ advanced financial infrastructure and cyber security capabilities.
The two leaders noted that South Korea and Singapore are important trading and investment partners for each other, and that solid economic cooperation has served as the key driving force for the development of bilateral relations. They agreed to continue expanding regional trade and investment through mutually beneficial improvements to the Korea-ASEAN Free Trade Agreement (FTA) and the Korea-Singapore FTA, even amid uncertain trade environments such as protectionism and supply chain restructuring.
As a result of this summit, the two countries agreed for the first time on the export of Jeju Island beef and pork to Singapore, and decided to use this as an opportunity to further promote trade in agricultural and food products and enhance cooperation on food security. President Lee requested Prime Minister Wong’s interest and support so that Korea’s high-quality agricultural and food products can become widely loved by the people of Singapore.
President Lee noted that Singapore is the fourth largest investor in South Korea globally, and proposed that Singapore further increase its investment in promising Korean small and medium-sized enterprises, ventures and startups, and the K-content industry, to achieve joint growth in innovative industries. As part of this, the two leaders agreed to jointly seek mutually beneficial and strategic investment cooperation measures between the two countries.
The two leaders stated that South Korea and Singapore are top partners in the field of artificial intelligence (AI) and advanced technologies, sharing a people-centered AI policy vision as advanced technology powerhouses. Based on the newly signed Digital Cooperation MOU, they agreed to further promote joint research in AI and advanced technologies and exchanges among companies, thereby accelerating the creation of innovative industry ecosystems in both countries. Singapore ranks first in the world in AI and digital capabilities, and Prime Minister Wong expressed in August his commitment to AI development centered on people.
The leaders shared the view that cooperation in energy transition and the green economy is important for effectively responding to the transition to an AI-driven society and climate change. They agreed to strengthen nuclear power cooperation through the promotion of a nuclear cooperation agreement and capacity building, and to accelerate collaboration in reducing carbon emissions in shipping and digitalizing the shipping industry through the signing of a green and digital shipping route cooperation MOU between the two countries, both of which are major players in international logistics and shipping.
The leaders agreed to use the elevation of bilateral relations and the signing of the culture and sports MOU as an opportunity to further promote exchanges between the peoples of both countries in various fields such as culture and the arts, tourism, education, and sports. In particular, they shared the view that future generations are the foundation for the development of bilateral relations, and agreed to work to enhance educational, social, and cultural exchange opportunities for future generations.
In addition, President Lee expressed his gratitude to Prime Minister Wong for his full support at last week’s Korea-ASEAN Summit for the Korean government’s efforts to open a new era of peaceful coexistence and shared prosperity on the Korean Peninsula. Prime Minister Wong reaffirmed Singapore’s firm support and willingness to cooperate with the Korean government’s efforts to achieve denuclearization and lasting peace on the Korean Peninsula.
The Office of the President stated, “This official visit by the Singaporean Prime Minister is the second bilateral visit by a leader of an ASEAN country during the Lee Jaemyung administration’s ASEAN-focused policy, following the state visit by the General Secretary of the Communist Party of Vietnam in August. As a leading ASEAN country in advanced technology and regulatory standards, Singapore is driving regional economic cooperation in areas such as trade liberalization, the digital economy, and energy transition. This visit has served as an opportunity to further expand strategic cooperation for the development of Korea-Singapore and Korea-ASEAN relations.”
Meanwhile, at the luncheon following the summit, a variety of unique Korean bites were served, starting with “Yeon Doenjang Mayo,” a Korean sauce made by blending all the ingredients of bibimbap to recreate its flavor, followed by delicately poached seafood with chili sauce, and grilled Jeju hairtail fish served with savory soybean curd and pollack roe sauce. For the toast, a non-alcoholic golden pear cocktail called “Golden Bae,” made from Naju pears from Jeonnam, was prepared in consideration of Singapore’s global reputation as a trusted hub for gold trading and financial networks.
For dessert, a dried persimmon cake topped with sweet kaya jam, a signature of Singapore, was served. The cake was decorated with the national flags of both countries to symbolize and wish for the continued friendship and goodwill between South Korea and Singapore.
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