During a summit between South Korean President Lee Jae Myung and Philippine President Ferdinand Romualdez Marcos Jr. in Manila on Tuesday, the two countries signed about a dozen memorandums of understanding (MOUs) to strengthen cooperation.
In a joint statement after the summit, Lee stressed that the partnership would build on existing cooperation in trade, defense, and infrastructure, while expanding into new growth sectors.
"We agreed to further strengthen cooperation based on the strategic partnership between the two countries," Lee said.
Defense was a key area of cooperation, with South Korea's Defense Acquisition Program Administration signing a revised agreement with the Philippines on defense-related procurement. The agreement covers a broader range of areas, expanding the number of South Korean firms eligible for contracts to modernize the Philippines' military and strengthening financial support.
The two leaders also discussed cooperation in nuclear energy, with Lee pointing out that South Korea is reviewing whether the Philippines' decades-long idled power plant in Bataan can be restarted. Lee also emphasized cooperation in shipbuilding, as South Korea and the Philippines rank second and fourth globally in terms of shipbuilding capacity, saying it "holds immense potential."
Marcos welcomed Lee's initiative for bilateral cooperation, saying that the two nations continue to strengthen their partnership based on mutual trust, as the Philippines was South Korea's first Southeast Asian country to establish diplomatic relations, marking the 77th anniversary of bilateral ties this year.
The two leaders also discussed regional security issues and expressed hope for swift stability in the Middle East after last Saturday's U.S.-led airstrikes on Iran.
On Wednesday, Lee is scheduled to visit a Korean War memorial cemetery in Manila, where he will pay tribute to Filipino veterans, before attending other events with South Korean nationals residing there.
He then returns home later in the day.
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