President Lee Jae-myung, on a state visit to the Philippines, urged business leaders from both countries on Friday to "boldly invest in new opportunities," proposing manufacturing, energy, and infrastructure as new "pillars of cooperation."
Lee attended the Korea-Philippines Business Forum at the Conrad Hotel in Manila on the final day of his state visit. The event drew approximately 250 participants, including 150 from Korea—among them 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 through the Manila Galleon trade from the 16th to 19th centuries," Lee said in his address. "I hope our complementary economic cooperation will strengthen, much like ships built at Subic Shipyard carrying Philippine products worldwide to create a second Manila Galleon trade."
The president identified manufacturing, energy, and infrastructure as new axes of cooperation between the two nations. "The Philippines possesses critical minerals such as nickel and cobalt, while Korea has advanced manufacturing technology in semiconductors and other industries," Lee said. "Based on this complementary industrial structure, our two countries can generate significant synergies."
On energy cooperation, Lee emphasized "combining Korean nuclear power technology with the Philippines' clean energy supply capabilities." Philippine President Ferdinand Romualdez Marcos Jr. responded that his government "will remove unnecessary administrative barriers and reduce the cost of doing business."
The forum produced 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 plant cooperation. HD Hyundai Heavy Industries signed an MOU with the Technical Education and Skills Development Authority (TESDA) on shipbuilding technology development.
Upon returning to Korea, Lee convened an emergency cabinet meeting for Sunday to review responses to the Middle East situation. The move follows oil price surges and the won-dollar exchange rate breaching 1,500 won during trading after the outbreak of war involving Iran. The Ministry of Economy and Finance and the Ministry of Foreign Affairs are expected to brief the cabinet and discuss comprehensive countermeasures.