MANILA (March 4, 2026) Today morning, President Lee Jae Myung attended the Korea–Philippines Business Forum at the Conrad Manila. The forum was hosted by the Ministry of Trade, Industry and Energy and organized by the Federation of Korean Industries.

The Forum was the first business event in the ASEAN region since President Lee took office. It brought together approximately 250 participants, including government officials and business leaders of both countries. Taking part on the Korean side were major companies in such sectors as shipbuilding, electric power and electronics, automobiles and consumer goods. The Philippine side was represented by companies from a wide range of industries, including finance, distribution and food manufacturing. Participants discussed ways to expand bilateral economic cooperation.

* Among the approximately 150 participants from Korea were Lotte Group Chairman Shin Dong-bin, HD Hyundai Chairman Chung Ki-sun, SK Group Vice Chairman Lee Hyung-hee, Samyang Foods Vice Chair Kim Jung-soo, Samsung Electronics President Kim Won-kyong, and LG Electronics President Jeong Dae-hwa.

** The approximately 100 participants from the Philippines included SM Prime Chairman Hans Sy, Alliance Global Group Vice Chairman Kevin Andrew Tan, Cathay Pacific President David Chua, and Cathay Land President & CEO Jeffery Ng.

In his congratulatory remarks, President Lee stated, “From the 16th to 19th centuries, the Philippines served as a vital artery of global trade, linking the economies of Asia, the Americas and Europe through the Manila galleon* trade route.” He went on to express his expectation that “mutually complementary economic cooperation between our two countries will be further strengthened – much like the vessels built at Subic Bay shipyard by a Korean company, which carry Philippine-made products to markets around the world, thereby serving as a modern-day counterpart to the Manila galleon trade route.”

* Fleets comprising Manila galleon trade ships regularly voyaged between Acapulco, Mexico, and Manila, Philippines. Their name reflects both the perception that these vessels carried Asian goods collected in Manila and the fact that they were mainly constructed from Filipino hardwood in Manila shipyards.

President Lee further noted that “at the core of a new framework for cooperation must lie strengthened cooperation in manufacturing, energy and infrastructure modernization.”

Regarding manufacturing cooperation in particular, President Lee emphasized a “tremendous potential for cooperation concerning the Philippines’ abundant critical mineral reserves – including nickel and cobalt – and Korea’s advanced industries that utilize such resources.” In this context, he proposed that the two countries “expand cooperation in such sectors as shipbuilding and the electrical and electronics industries, where demand for bilateral cooperation is especially strong.”

President Lee stated, “The global trade environment is changing faster than ever,” and called for bold investment, even amid uncertainty, in new opportunities based on cool-headed analysis and deep insights.

Following his remarks, businesspeople of both countries gave presentations on such topics as critical minerals, the defense industry, shipbuilding, culture, and consumer goods, exploring substantive cooperation. The forum is expected to further strengthen bilateral cooperation in supply chain including raw materials, facilitate Korean firms’ entry into Philippine’s local consumer goods market, and expand investment in infrastructure such as water resources.

Meanwhile, a total of seven Memoranda of Understanding were adopted during the forum in the presence of the two countries’ industry ministers. These covered shipbuilding, nuclear energy, food, medical devices and other sectors. Most significant was the New Nuclear Power Plant Cooperation MOU between Korea Hydro & Nuclear Power, the Export-Import Bank of Korea and the Philippine power company Meralco. This MOU outlines cooperation on the joint development of business and financial models for the introduction of a new nuclear power plant. As for the Shipbuilding Industry Technology Development Cooperation MOU between HD Hyundai Heavy Industries and the Philippines’ Technical Education And Skills Development Authority (TESDA), it is expected to accelerate the training of skilled shipbuilding workers and expand the supply of related personnel.