President Lee Jae-myung, on a state visit to the Philippines, called on business leaders from both nations to "boldly invest in new opportunities" on Friday (local time). He proposed establishing a mutually complementary relationship like a second "Manila Galleon trade," presenting manufacturing, energy, and infrastructure as new "pillars of cooperation."
On the final day of his state visit, President Lee attended the Korea-Philippines Business Forum held at the Conrad Hotel in Manila. The event drew approximately 250 business and government figures, including 150 from Korea—led by Lotte Group Chairman Shin Dong-bin and HD Hyundai Chairman Chung Ki-sun—and 100 from the Philippines.
"The Philippines served as the main artery of global trade, connecting Asia, the Americas, and Europe into a single economic sphere through the Manila Galleon trade from the 16th to 19th centuries," President Lee said in his address. "I hope our mutually complementary economic cooperation will strengthen, just as ships built by Korean companies at Subic Shipyard carry products made in the Philippines to the world, creating a second Manila Galleon trade."
The remarks evoked the historic Manila Galleon ships that sailed between Acapulco, Mexico, and Manila, suggesting both nations could grow together as a center of global trade.
President Lee identified manufacturing, energy, and infrastructure as new pillars of cooperation between Korea and the Philippines. "The Philippines possesses critical minerals such as nickel and cobalt, while Korea has advanced industrial manufacturing technology including semiconductors," he said. "Based on this complementary industrial structure, our two countries can generate high synergies."
He added that both nations should "join forces in manufacturing AI that integrates artificial intelligence, dramatically increasing productivity and jointly building a future-oriented industrial cooperation model beyond simple manufacturing."
On energy cooperation, President Lee emphasized that "combining Korea's world-class nuclear power technology with the Philippines' clean energy supply capabilities can establish a stable and eco-friendly energy system."
Philippine President Ferdinand Romualdez Marcos Jr. responded that "the government will remove unnecessary administrative barriers and lower business costs," calling Korean partners' investment in the Philippines "a strategic, future-oriented, and highly meaningful decision."
The forum saw the signing of seven memoranda of understanding covering shipbuilding, nuclear power, food, and medical devices. Korea Hydro & Nuclear Power and the Export-Import Bank of Korea signed an MOU with Philippine power company Meralco on new nuclear power cooperation, agreeing to jointly develop business and financial models for new nuclear plant projects. HD Hyundai Heavy Industries and the Technical Education and Skills Development Authority (TESDA) of the Philippines signed an MOU on shipbuilding industry technology development cooperation.