South Korea, Philippines to deepen ties in defence, shipbuilding

[MANILA] South Korea and the Philippines agreed to work together on defence and shipbuilding industries, as the strategic partners deepen ties amid 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 Tuesday (Mar 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 modernisation, with contracts covering frigates and fighter jets as Manila prioritises external defence amid a territorial dispute with Beijing over the South China Sea. Last year, HD Hyundai Heavy Industries 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 recognise 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 US-Israeli war on Iran reverberated across the Middle East and global markets on Tuesday, as oil and gas prices surged and Teheran vowed to close the Strait of Hormuz, a vital shipping lane. BLOOMBERG