Korea-Philippines Summit Joint Press Conference
Lee: "Expansion of Critical Minerals and Supply Chain Cooperation"
Collaboration in Strategic Industries such as Infrastructure and Defense
President Lee Jae-myung and Philippine President Ferdinand Marcos shook hands after a joint press conference at Malaca?ang Palace in Manila on the 3rd. Photo by Yonhap News
President Lee Jae-myung, currently on a state visit to the Philippines, announced on March 3 (local time) that he had held a summit with President Ferdinand Marcos Jr. of the Philippines, where the two leaders agreed to further expand cooperation in new growth sectors, including shipbuilding, nuclear power, supply chains, and artificial intelligence (AI).
President Lee made this announcement during a joint press conference following the summit with President Marcos, held in the afternoon at Malaca?ang Palace in Manila.
President Lee emphasized, "As the world’s second and fourth largest shipbuilding powers in terms of shipbuilding volume, the potential for cooperation between our two countries in shipbuilding is limitless. The more our two countries join forces, the stronger the competitiveness of our respective shipbuilding industries will become, and I am confident this will create a synergistic effect for joint growth."
He went on to add, "We have also decided to strengthen practical cooperation in the nuclear power sector," expressing his anticipation by saying, "Based on the results of the 'Feasibility Study for Resuming the Bataan Nuclear Power Plant’ and the 'MOU on Cooperation for the Introduction of New Nuclear Power Projects,' our two countries will establish themselves as optimal partners in nuclear power cooperation."
The Bataan Nuclear Power Plant began construction in 1976, but the project was later suspended. However, the Philippine government has announced its intention to resume construction to address the country’s power shortage. There are growing expectations that, if Korean companies participate, this could serve as a stepping stone for entering the Southeast Asian nuclear power market.
President Lee Jae-myung is speaking at a joint press conference with President Ferdinand Marcos held after the Korea-Philippines summit at Malaca?ang Palace in Manila on the 3rd. Photo by Yonhap News Agency
In addition, President Lee stated, "Korea possesses advanced technology, while the Philippines has abundant mineral resources, making our two countries ideal partners in the field of critical minerals." He introduced, "Based on the 'MOU on Cooperation in Critical Minerals' signed this time, we have decided to further expand practical cooperation in the area of critical minerals and related supply chains."
President Lee also announced, "We have worked to further expand cooperation based on the Korea-Philippines FTA and have made significant progress in resolving the challenges faced by companies." He also mentioned that the two countries have agreed to strengthen cooperation in strategic industrial sectors such as infrastructure and defense.
He remarked, "President Marcos has pledged that the Philippine government will do its utmost to protect the lives and safety of Korean nationals visiting or residing in the Philippines. In return, I also promised to continue paying close attention to the safety of Filipino workers in Korea and to the stable settlement of multicultural families."
Meanwhile, President Lee expressed his expectation that this state visit would lead to an increase in exchanges between the peoples of the two countries. Last year, a total of 1.35 million Koreans visited the Philippines, the highest number among all foreign visitors.
President Lee concluded his remarks in Tagalog, saying, "Maraming Salamat Po (Thank you very much)."
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