ASEANEWS HEADLINE-INVESTMENT | MANILA: President Marcos, SoKor’s Yoon to tackle trade, security

MANILA, Philippines — South Korean President Yoon Suk Yeol arrived yesterday in Manila for a two-day state visit aimed at boosting economic and security relations with the Philippines.

Yoon is scheduled to meet with President Marcos to discuss bilateral ties and to attend a business forum.

The state visit from Oct. 6 to 7 is the first by a South Korean president in 13 years and the first stop on Yoon’s three-country Southeast Asia trip.

The visit to Manila coincides with the 75th year of diplomatic relations between the Philippines and South Korea. The two countries established formal ties on March 3, 1949.

Upon arrival at the Ninoy Aquino International Airport, Yoon and First Lady Kim Keon Hee proceeded to the Libingan ng mga Bayani to pay tribute to the 112 Filipino soldiers who fought and were killed during the Korean War.

Former president Lee Myung-bak, during his state visit in 2011, also paid his respects at the Korean Memorial Pylon, a monument dedicated to the 112 Filipino soldiers.

Yoon met members of the Korean community and encouraged their contributions to the Philippine economy.

The Korea Times reported the announcement of Yoon’s office, that he will discuss with Marcos economic cooperation in the supply chain of critical minerals, energy, defense and the oceans industry.

Marcos and First Lady Liza Marcos will receive Yoon and Kim at Malacañang today.

Ads by:

Memento Maxima Digital Marketing
@[email protected]
SPACE RESERVE FOR ADVERTISEMENT

.

Matters related to economic, defense and maritime cooperation are expected to be tackled during the bilateral meeting between Marcos and Yoon.

“The two Leaders will hold a bilateral meeting to discuss areas of mutual interest such as cooperation in the political, security and defense, maritime, economic and development fields, people-to-people ties, as well as labor and consular matters,” the Presidential Communications Office said in a recent statement

“Both sides are also expected to exchange views on regional and international issues, and reaffirm the vibrant and dynamic relations between the two countries,” it added.

The Presidents will sign a Cooperative Memorandum of Understanding. Marcos will host a state luncheon in honor of Yoon.

Following the meeting, Yoon will attend the Korea-Philippines Business Forum to promote Korean companies’ bid in major infrastructure and transport projects and explore new business opportunities.

Korea’s Senior Economic Presidential Secretary Park Chun-sup said the Philippines has shown the highest economic growth rate among Association of Southeast Asian Nations countries.

“With its population of over 112 million, along with the country’s vast amount of significant natural resources such as nickel and cobalt, the country is an important partner that can create much synergy when cooperating with the technologies of Korea,” Park said.

Bilateral trade between the two countries reached $13.65 billion in 2022, with South Korea ranking as the Philippines’ fifth-largest exporter.

Heads of major Korean conglomerates are joining Yoon’s delegation.
Samsung Electronics executive chairman Lee Jae-yong was reportedly joining the president’s visit to the Philippines and Singapore.

Ads by:

Memento Maxima Digital Marketing
@[email protected]
SPACE RESERVE FOR ADVERTISEMENT

.

The Philippines is home to Samsung’s research and development facility and Samsung Electro-Mechanics’ factory, while Singapore houses Samsung Electronics’ Southeast Asian headquarters.

HD Hyundai vice chairman Chung Ki-sun was also reportedly in the presidential delegation. HD Hyundai Heavy Industries runs a shipyard in Subic Bay.

The South Korean president will then fly to Singapore, where he is scheduled to meet with Singaporean Prime Minister Lawrence Wong to talk about economic ties in artificial intelligence, digital, defense and supply chains, according to South Korean news agency Yonhap.

Yoon will also visit Laos to join the ASEAN Summit, where he is expected to emphasize the importance of the denuclearization of North Korea.

In March, South Korea’s foreign ministry expressed “grave concerns” over China’s use of water cannons against Philippine Coast Guard vessels near Ayungin Shoal, saying it stokes tension in the South China Sea and undermines a maritime order.

China warned Seoul to “behave cautiously and in a neutral manner” over disputes between China and the Philippines in the South China Sea.

Yoon’s administration has been vocal about tension in the South China Sea and the Taiwan Strait and opposes attempts to change the status quo by force.

Ads by: