South Korea and the Philippines agreed to work together on defense and shipbuilding industries, as the strategic partners deepen ties in the face of regional tensions and conflict in the Middle East.
“Our two countries have agreed to further strengthen cooperation in strategic industry sectors, such as infrastructure and defense industry,” visiting South Korean President Lee Jae Myung said on March 3 after meeting with Philippine President Ferdinand Marcos Jr. in Manila.
The two leaders also agreed to expand cooperation in new areas of growth, such as shipbuilding, nuclear power, supply chain and artificial intelligence, Lee said.
South Korea is a major trading partner for the Philippines and the two nations have bolstered their bilateral relations in recent years. They signed a free trade agreement in 2023 and elevated their ties to a strategic partnership the following year.
South Korea has also backed the Philippine military’s modernization, with contracts covering frigates and fighter jets as Manila prioritizes external defense amid a territorial dispute with Beijing over the South China Sea. Last year, HD Hyundai Heavy Industries Co. Ltd. started shipbuilding operations in the Philippines’ Subic Bay.
Marcos said he and Lee discussed regional and international issues such as the South China Sea and the Korean Peninsula. “We both recognize the growing uncertainty in geopolitical developments,” Marcos said.
The two leaders also talked about the situation in the Middle East. “We hope that peace and stability in the Middle East may be restored at an early date,” Lee said.
The U.S.-Israeli war on Iran reverberated across the Middle East and global markets on March 3, as oil and gas prices surged and Tehran vowed to close the Strait of Hormuz, a vital shipping lane.
