South Korea President Lee Jae Myung met Singapore ’s Prime Minister Lawrence Wong for a summit aimed at expanding cooperation in fields such as artificial intelligence and nuclear energy, during a state-visit to the island country.
During a joint press conference, Lee and Wong announced the start of negotiations to upgrade the existing free trade agreement between South Korea and Singapore, which originally took effect in 2006.
Increased Cooperation
Both countries have also signed five memoranda of understanding (MOUs) for cooperation in fields such as small modular reactors (SMRs) for nuclear power generation, AI, and enabling digital technologies for public safety, intellectual property, and other scientific fields such as quantum computing.
The Korea Times reported that the leaders agreed to further strengthen defence and security cooperation, which will include expanding joint research on defence technologies and enhancing collaboration against transnational threats such as online scams and cybercrime.
Other partnerships will include cooperation between Singapore’s sovereign wealth fund Temasek and its asset management unit, Seviora Group, with the state-run Korea Development Bank, Lee announced to the press.
U.S.-Iran Conflict
During the meeting at Singapore’s government complex, Lee stated that navigating intensifying geopolitical tensions and economic volatility required “true partners who can overcome difficulties together,” as reported in the Korea Times.
“Singapore is a meaningful place where the historic U.S.-North Korea summit was held in 2018,” Lee said. “I trust that you will continue to play a constructive role for peace on the Korean Peninsula and in the region.”
The two leaders also discussed regional and global security issues. During the press briefing, Lee said they discussed the situation in the Middle East after the recent U.S. strikes on Iran and assessed the conflict’s impact on global security, energy supply chains, and the global economy.
(with inputs from Reuters)
