PM Lawrence Wong at the Joint Press Conference with President of the Republic of Korea Lee Jae Myung (Mar 2026)

Your Excellency President Lee Jae Myung,
Excellencies,
Ladies and gentlemen,

A very warm welcome to President Lee and his delegation.

President Lee, you were a gracious host when I visited South Korea in November last year, and I am pleased to be able to return your warm hospitality so soon after, on your first visit to Singapore as President.

Strategic Partnership

Last year, Singapore and South Korea celebrated 50 years of diplomatic ties and we elevated our ties to a Strategic Partnership. In just four months, we have made considerable progress in implementing this Strategic Partnership. We just exchanged quite a number of MOUs earlier, and President Lee and I also reviewed the strong momentum in our meeting just now. Let me share some highlights.

First, we are strengthening our trade and economic ties. Singapore’s investments in Korea have more than doubled since 2020. Companies like PSA, Singapore Airlines and CapitaLand are deepening collaborations with Korean partners across logistics, aviation and real estate. Korea’s investments in Singapore have also grown steadily. Leading firms like Hyundai, Lotte Group and Hanhwa Ocean are not only doing more here, but also using Singapore as a hub to access opportunities across Southeast Asia and beyond. This robust growth builds on the strong foundations laid by the Korea-Singapore FTA (Free Trade Agreement), which entered into force in 2006. Over the past two decades since then, the global trading landscape has evolved significantly – with greater emphasis on supply chain resilience, digital trade and the green transition. And so, President Lee and I agreed to upgrade our FTA, to ensure it remains forward-looking, relevant and beneficial to our businesses and workers.

Second, we are partnering each other to advance our green ambitions. Securing sustainable and reliable sources of clean energy will be critical to both our countries. Singapore is studying the potential of nuclear energy as part of our longer-term energy mix, and we hope to learn from Korea’s expertise and experience. We have commenced negotiations on a Nuclear Cooperation Agreement, and I look forward to its swift conclusion.

Third, we are working together at the frontier of technology. Our new MOUs will facilitate joint research and talent exchanges in areas like advanced manufacturing and other high-value sectors, ensuring we remain competitive and innovative. President Lee and I also agreed to deepen cooperation in Artificial Intelligence or AI, and work towards a bilateral framework for specific areas of AI collaboration. We will also work together on areas of common interest in the wider digital domain. And at the same time, our agencies will strengthen cybersecurity cooperation, so that we can seize the opportunities of this digital age in a safe and trusted manner.

Fourth, we are bringing our civil servants closer together. Later this year, Singapore will host the inaugural edition of the Singapura Programme, a bespoke programme for South Korean senior officials to exchange experiences and best practices. Next year, we hope to start a broader Civil Service Exchange Programme, to promote two-way interactions and deeper institutional linkages. These initiatives will build stronger relationships between our policymakers and facilitate even closer collaboration in future.

Finally, our people-to-people ties are flourishing. South Korea is a global cultural powerhouse. Singaporeans are avid fans of K-drama and K-pop, and many travel to Korea to experience your rich culture and heritage firsthand. The Korean band BTS is performing here at the end of the year, and I understand that Singapore is their longest stop in Asia outside South Korea and Japan. So, we look forward to welcoming them. Singapore of course is much smaller than Korea. But I am glad that interest is just as strong in the other direction. We welcome the many Korean visitors who come each year to Singapore, as well as the vibrant Korean community that lives, works and studies here. They add to the richness and diversity of our society, and strengthen the bonds between our people.

Beyond bilateral ties, we are also working closely together to advance our shared interests in open trade, multilateralism, and digital connectivity – both regionally and through plurilateral frameworks like the Regional Comprehensive Economic Partnership (RCEP) and the Digital Economy Partnership Agreement (DEPA).

Singapore also looks forward to commencing negotiations to upgrade the ASEAN-Korea Free Trade Area. And as coordinator for ASEAN-Korea economic relations, we are committed to working with all parties to deliver a meaningful and substantial outcome.

Conclusion

In an increasingly complex and dangerous world, trusted and like-minded partners matter more than ever. I am glad that Singapore can count the Republic of Korea as a valued and reliable partner.

So, President Lee, I look forward to working closely with you to bring our Strategic Partnership to even greater heights in the years ahead. Thank you.