▲ President Lee Jae Myung speaks during the Philippines-Korea Business Forum held at a hotel in Manila on March 4, 2026. (Yonhap)
▲ President Lee Jae Myung (R) shakes hands with Philippine President Ferdinand Marcos Jr. during the Philippines-Korea Business Forum held at a hotel in Manila on March 4, 2026. (Yonhap)

Lee-Philippines-biz forum

Lee seeks closer manufacturing, infrastructure cooperation with Philippines

By Kim Eun-jung

MANILA, March 4 (Yonhap) -- President Lee Jae Myung said Wednesday that South Korea and the Philippines need to strengthen cooperation in manufacturing, infrastructure and energy to promote complementary economic cooperation amid global uncertainty in trade and supply chains.

Lee outlined three major areas of economic cooperation during a business forum attended by business leaders and government experts from the two nations, along with Philippine President Ferdinand Marcos Jr.

"Manufacturing, energy and infrastructure modernization should become the central pillars of a new phase of cooperation between the nations," Lee said during the forum held in Manila.

On manufacturing cooperation, Lee said the Philippines' abundant critical minerals, such as nickel and cobalt, and South Korea's advanced industries, such as semiconductors and electronics, hold significant potential for collaboration.

"Based on this complementary industrial structure, the two countries can generate significant synergy," he said.

The shipbuilding sector was also cited as a promising area of cooperation, building on the momentum from the partnership at the Subic shipyard in the Philippines.

Subic Shipyard, built by South Korea's Hanjin Heavy Industries in 2006, was revived through a new partnership with another Korean shipbuilder, HD Hyundai Heavy Industries, and has become one of the major shipyards in Southeast Asia.

"The two countries should expand cooperation in areas with strong bilateral demand, including shipbuilding and the electrical and electronics industries," he said.

On the sidelines of the forum, seven memorandums of understanding (MOUs) were signed in areas including shipbuilding, nuclear power, food and medical devices.

Korea Hydro & Nuclear Power, the Export-Import Bank of Korea and the Philippine power company Meralco signed an MOU on cooperation in nuclear energy to jointly develop a business model for a new nuclear power plant project.

HD Hyundai Heavy Industries, a South Korean shipbuilder, and the Philippines' Technical Education and Skills Development Authority (TESDA) signed an MOU on cooperation in shipbuilding technology development to help train skilled shipbuilding workers.

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