▲ President Lee Jae Myung (R) and first lady Kim Hea Kyung wave before departing from Seoul Air Base in Seongnam, south of Seoul, for Singapore on March 1, 2026. (Yonhap)
▲ President Lee Jae Myung (L) hugs Singaporean Prime Minister Lawrence Wong after their joint press announcement at Singapore's Ministry of Foreign Affairs on March 2, 2026. (Yonhap)
▲ President Lee Jae Myung (L) hugs Philippine President Ferdinand Marcos Jr. after a joint press announcement at Malacanang Palace in Manila on March 3, 2026. (Yonhap)

(News Focus) Lee-Singapore-Philippines

(News Focus) Lee's trip to Singapore, Philippines diversifies markets for AI, nuclear energy, defense

By Kim Eun-jung

MANILA, March 4 (Yonhap) -- President Lee Jae Myung used his trips to Singapore and the Philippines to diversify South Korea's economic ties in Southeast Asia, particularly in the fields of artificial intelligence (AI), nuclear energy and defense.

Lee wrapped up his four-day state visits to the two Southeast Asian nations Wednesday at a time of mounting tensions in the Middle East following U.S.-Israeli attacks on Iran, which rattled global financial markets, oil prices and supply chains.

Against this backdrop, his message in summit talks with Singapore and Philippine leaders was consistent: South Korea must deepen cooperation with the Association of Southeast Asian Nations (ASEAN) partners to address shared challenges and foster new growth drivers.

During his talks with Singaporean Prime Minister Lawrence Wong, Lee stressed that volatile global conditions require closer coordination among like-minded economies, describing Singapore as a strategic hub for next-generation industries and global capital flows.

"In today's era of extreme uncertainty, trustworthy and genuine partners are more urgently needed than ever to navigate turbulent challenges together," he said during his talks with Wong on Monday.

To deepen and broaden the economic ties, Lee and Wong also agreed to formally begin negotiations to upgrade their bilateral free trade agreement, which has been in force since 2006, and oversaw the signing of five memorandums of understanding (MOUs) covering AI, small modular reactors and advanced technologies.

AI, in particular, emerged as a central pillar of cooperation.

Acknowledging that the global AI industry is currently led by the United States and China, Lee expressed hope that South Korea and Singapore, widely seen as distant followers behind the two giants, can take the lead in niche areas, including AI manufacturing.

South Korea brings strengths in semiconductors, data center infrastructure and AI-driven manufacturing, while Singapore offers advanced AI governance frameworks, and serves as a Southeast Asian data and financial hub.

To anchor this cooperation, Lee announced plans during AI Connect Summit on Monday to create a global investment fund in Singapore by 2030 aimed at attracting US$300 million in investments in startups and AI.

Under the initiative, the Ministry of SMEs and Startups will establish the government's first offshore global fund in Singapore later this year

In Manila, the focus shifted toward defense industry cooperation, nuclear power and critical minerals.

During Tuesday's summit talks, Lee and Philippine President Ferdinand Marcos Jr. agreed to strengthen bilateral economic cooperation as the two nations signed nine MOUs to boost collaboration in areas including AI, the defense industry and transnational crime responses.

Lee said South Korea could be an "ideal partner" for Manila's bid to include nuclear power in its energy mix, based on previous agreements on a joint feasibility study of the long-dormant Bataan nuclear power plant and the construction of a new nuclear facility.

The Bataan plant, completed in 1986 but never activated, has resurfaced as Manila reconsiders nuclear energy amid rising power demand and energy transition goals.

Critical minerals were cited as another strategic pillar. The Philippines possesses abundant mineral resources essential for batteries and advanced manufacturing, while South Korea offers processing technologies and industrial capacity, a complementary structure at a time of rising uncertainty in global supply chains.

The two sides also signed an amended defense procurement deal to allow more South Korean companies to contract with the Philippine government and to add provisions on weapons maintenance, logistics support and financial assistance.

The defense industry has been one of the major areas of bilateral cooperation between the two nations, as the Philippines has purchased a wide range of Korean weapons, including naval vessels, FA-50 light combat aircraft and armored vehicles.

In his second trip to the region since attending the ASEAN summit in Malaysia in October, Lee expressed hope to visit other ASEAN members during his term, reaffirming his commitment to the "CSP" vision.

The initiative aims to position South Korea as a "contributor" to dreams and hope for youth in ASEAN nations, a "springboard" for growth and innovation, and a "partner" for peace and stability.

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