Manila: The Philippines and South Korea on Tuesday pledged to expand cooperation in strategic sectors including shipbuilding, nuclear power, artificial intelligence (AI), and digital technology, building on existing trade, infrastructure, and defense ties.

According to Philippines News Agency, in a joint press conference with President Ferdinand R. Marcos Jr. at Malaca±an Palace in Manila, South Korean President Lee Jae Myung announced that both countries agreed to strengthen collaboration in key industries and explore new areas of growth to achieve shared prosperity. 'We have agreed to further expand cooperation in new areas of growth such as shipbuilding, nuclear power, supply chain, AI, and digital,' Lee stated after his bilateral meeting with Marcos.

Both leaders emphasized the potential of collaborative efforts in shipbuilding. Lee noted that South Korea and the Philippines rank as 'shipbuilding powerhouses,' holding second and fourth positions globally. Through expanded cooperation, both nations aim to create synergistic effects enhancing the competitiveness of their respective shipbuilding industries. Marcos expressed gratitude to South Korea for its contributions to reviving the Philippine shipbuilding industry.

The discussions also included deepening cooperation in nuclear power, building on the outcomes of the feasibility study for the Bataan Nuclear Power Plant resumption and a memorandum of understanding on new nuclear power projects. 'We will become optimal partners for nuclear power cooperation,' Lee affirmed.

Lee further highlighted that the two nations are 'ideal partners' in critical minerals, with South Korea offering advanced technology and the Philippines providing abundant mineral resources. 'By utilizing the MOU for cooperation in critical minerals signed during this visit, we will further expand substantial cooperation in critical minerals and relevant supply chains,' he added.

With a focus on digital cooperation, the two countries have broadened bilateral science and technology collaboration to include AI and next-generation communication infrastructure. Lee stated that the partnership would accelerate the Philippines' digital transformation while supporting South Korea's vision of becoming a top-three AI power.