President Lee Jae-myung announced that South Korea and Singapore will begin negotiations to upgrade their free trade agreement and strengthen cooperation in advanced technologies centered on artificial intelligence. To support these efforts, Korea plans to establish a $300 million global fund (K-VCC) in Singapore by 2030. The two nations affirmed their commitment to pursuing mutual growth through comprehensive cooperation, sharing the view that the current international situation is in an "era of ultra-uncertainty."
President Lee, on a state visit to Singapore, held a summit with Prime Minister Lawrence Wong on the 2nd and stated in a joint press announcement, "We agreed to further solidify economic ties, accelerate innovation in future advanced fields including AI, and strengthen the foundation for defense and security cooperation." The summit produced a joint declaration on initiating FTA improvement negotiations and five memoranda of understanding across various industrial sectors.
"Our two leaders agreed to improve the bilateral FTA, which marks its 20th anniversary of implementation this year, in a direction that fully reflects changes in trade and economic security environments as well as technological developments," President Lee announced. The FTA between the two governments took effect in March 2006. This agreement aims to upgrade the FTA in four areas—supply chains, green economy, trade facilitation, and aviation maintenance, repair, and operations (MRO)—reflecting changes in international order and industrial systems over the past two decades.
The five MOUs cover science and technology cooperation, AI and digital technology cooperation in public safety, strengthened cooperation in intellectual property, joint utilization of environmental satellites, and small modular reactor (SMR) cooperation. Throughout the summit, MOU signing ceremony, and joint press announcement, both leaders repeatedly emphasized the importance of building cooperative relationships amid rapidly changing international circumstances while explaining the significance of these agreements.
When President Lee said, "To navigate the turbulent waters of today's era of ultra-uncertainty, we desperately need trustworthy, true partners who can overcome difficulties together," Prime Minister Wong responded, "This meeting is particularly meaningful as it is our first since the two countries elevated their relationship to a strategic partnership, and because we are meeting at a time of international uncertainty." He added, "As like-minded countries, Korea and Singapore share strategic interests in defending free trade and upholding the rules-based order, so the possibilities ahead are boundless."
President Lee particularly focused on highlighting AI cooperation between the two nations. Attending the "Korea-Singapore AI Connect Summit" held the same day, President Lee emphasized, "It is time for both countries to extend their DNA of innovation to the AI industry and open new horizons of the digital economy together." Referring to the agreement to establish an "AI Cooperation Framework," he stated, "We will establish a $300 million global fund (K-VCC) in Singapore by 2030 and enable researchers from both countries to dedicate themselves to developing AI technologies for solving humanity's challenges through joint research that transcends national boundaries." President Lee explained that the investment fund would support related companies in pursuing bold challenges. After the event, companies and institutions from both countries signed seven MOUs in future industry sectors including autonomous driving.
President Lee also exchanged views with Prime Minister Wong on the U.S.-Israeli airstrikes against Iran. President Lee explained, "We also assessed the impact of the Middle East situation on global security, energy supply chains, and the global economy," adding that "both leaders shared the hope that stability and peace will be restored in the Middle East."
He then recalled the 2018 U.S.-North Korea summit held in Singapore, saying, "Eight years ago, Singapore demonstrated outstanding diplomatic capabilities toward peace through leadership in dialogue and communication." He added, "I am grateful for the active support for our government's efforts toward peace and stability on the Korean Peninsula and the resumption of inter-Korean dialogue."
This summit was the second meeting between President Lee and Prime Minister Wong since November last year, with both leaders displaying a warm and friendly atmosphere. The Korean government plans to elevate bilateral relations to a new level through this comprehensive cooperation in advanced fields and to complementarily strengthen global technological competitiveness.