State Visit of President of the Republic of Korea His Excellency Yoon Suk Yeol, 7 to 9 October 2024

President of the Republic of Korea (ROK) Yoon Suk Yeol received a ceremonial welcome at the Parliament House this morning, following which he called on President Tharman Shanmugaratnam. He separately met Prime Minister and Minister for Finance Lawrence Wong and Senior Minister Lee Hsien Loong. Prime Minister Wong and Mrs Wong hosted President Yoon and First Lady Kim Keon Hee to lunch. A new orchid hybrid, the Dendrobium Yoon Suk Yeol Kim Keon Hee, was named in President Yoon’s and Mrs Kim’s honour.

          President Tharman and President Yoon affirmed the strengthening economic relationship between Singapore and the ROK, as well as deepening people-to-people ties. They agreed that there were synergies between Singapore’s and the ROK’s capabilities and priorities, and scope for collaboration in areas such as Artificial Intelligence (AI), cybersecurity, climate change, and research and development (R&D), including ties between the universities in the two countries. President Tharman welcomed the ROK’s emerging role as a responsible middle power, and its deepening engagement of ASEAN.

          Prime Minister Wong and President Yoon took stock of the substantive and robust partnership between Singapore and the ROK. They discussed expanding cooperation in key areas like trade and investment, air connectivity, defence, and education. They welcomed good progress in forward-looking areas like AI, innovation, climate change, and the digital and green economies. They also discussed regional and international developments, and agreed on the need for constructive dialogue to promote peace, stability, and prosperity on the Korean Peninsula. Noting that 2024 marks 35 years of ASEAN-ROK Dialogue Relations, they discussed the potential for ASEAN and the ROK to enhance cooperation in key areas like trade and the digital economy.

          In recognition of the growing depth and breadth of the bilateral partnership, Prime Minister Wong and President Yoon agreed to work towards upgrading Singapore-ROK relations to a Strategic Partnership in 2025, in conjunction with the 50^th anniversary of diplomatic relations. The Strategic Partnership will set the roadmap for deepening cooperation in a diverse range of forward-looking areas to bring tangible benefits to the two countries’ people and businesses.

          Prime Minister Wong and President Yoon also witnessed the signing of an extradition treaty, as well as the exchange of five Memoranda of Understanding (MOUs) and agreements to enhance cooperation in the areas of supply chain resilience, food safety, energy, start-ups, and technology. These MOUs and agreements reflect the multifaceted nature of the Singapore-ROK partnership and set a good momentum for expanding bilateral cooperation as the two countries progress towards a Strategic Partnership. The list of MOUs and agreements is at Annex.

          Senior Minister Lee and President Yoon reaffirmed the robust economic and people-to-people ties between Singapore and the ROK and exchanged views on regional and international developments. They agreed on Singapore’s and the ROK’s shared interests in supporting the multilateral trading system and the rules-based international order. Senior Minister Lee welcomed the ROK’s deepened engagement of ASEAN and its support for ASEAN Centrality, as outlined in the Korea-ASEAN Solidarity Initiative. Senior Minister Lee and President Yoon also agreed on the potential for ASEAN and the ROK to do more in areas like trade, connectivity, digitalisation, food security, and the green transition.

          President Tharman and Mrs Jane Ittogi Shanmugaratnam will host a State Banquet in President Yoon’s and Mrs Kim’s honour this evening.

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MINISTRY OF FOREIGN AFFAIRS

SINGAPORE

8 OCTOBER 2024

Annex: List of Memoranda of Understanding (MOUs) and Agreements

Treaty on Extradition

Supply Chain Partnership Arrangement

MOU on Cooperation in the Field of Food Safety

MOU on Cooperation in the Field of Liquefied Natural Gas

MOU on SME and Start-up Cooperation

MOU on Technological Cooperation