The two countries agreed to enhance cooperation in various high-tech fields and infrastructure projects.
The Philippines and South Korea agreed Monday to upgrade their relations to a strategic partnership aiming to deepen cooperation in various high-tech fields, including energy, critical minerals, artificial intelligence, 5G, and the defense sector. The agreement was signed by South Korean President Yoon Suk-yeol and Philippine President Ferdinand Romualdez Marcos in Manila during Yoon’s two-day state visit to the island nation. In a joint statement, the two sides highlighted their existing partnership, emphasizing that the elevated ties would mutually benefit both countries.
South Korea’s high-tech industry comprises goods such as semiconductors, electric vehicles, and robotics. Despite being home to such raw material-hungry sectors, the country lacks domestic sources of critical minerals, making it highly import-dependent. The Philippines, on the other hand, has a substantial mining sector. The island nation is the world’s second-largest producer of nickel, a metal mainly used to manufacture stainless steel and an important cathode element to produce batteries. In addition, the country mines other goods, such as copper, cobalt, chromium, gold, and silver, according to the U.S. Geological Survey. Under the elevated partnership, South Korea and the Philippines will work together to strengthen the supply chains of critical minerals.
The two countries also agreed to collaborate on major infrastructure projects in the Philippines. One such project is the Laguna Lakeshore Road Network, which will connect the three central Philippine islands of Panay, Guimaras, and Negros, Yonhap News Agency reports. In addition, the Philippine Department of Energy and Korea Hydro & Nuclear Power signed a Memorandum of Understanding to cooperate on energy, including conducting a technical and economic feasibility study on the potential rehabilitation of the dormant Bataan nuclear power plant.
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