Singapore and South Korea to Establish Strategic Partnership by 2025, Strengthening Economic and Defense Relations
Singapore and South Korea are set to elevate their relationship to a strategic partnership by 2025, enhancing cooperation across the digital economy, defense, and trade. Prime Minister Lawrence Wong announced the upgrade on Tuesday (Oct 8) during a joint press conference with South Korean President Yoon Suk Yeol, who was on his first official visit to Singapore from Oct 7 to 9. The timing of this strategic partnership coincides with the 50th anniversary of diplomatic relations between the two countries next year. “This upgrade is not just a change in name; it represents a commitment to deeper, more substantial cooperation,” PM Wong stated.
Key initiatives include an upgraded Korea-Singapore Free Trade Agreement, aligning with the demands of the digital economy, and an expanded Air Services Agreement to boost travel connectivity. Since the free trade agreement’s inception in 2006, bilateral trade between Singapore and South Korea has nearly doubled, growing from S$35.2 billion in 2007 to S$62.2 billion in 2023. Further areas of collaboration include defense, education, climate change, artificial intelligence, cybersecurity, and fostering digital and green economic growth.
During their meeting, PM Wong and President Yoon also presided over the signing of an extradition treaty and five memorandums of understanding (MOUs). These MOUs cover key areas such as supply chain cooperation, liquefied natural gas procurement, technology exchange, food safety, and support for small and medium-sized enterprises (SMEs) and startups.
President Yoon also delivered a keynote address at the Singapore-Korea Business Forum, highlighting the importance of strengthening business connections. At the forum, attended by over 300 industry and government leaders, 10 additional MOUs were signed across sectors including automotive, renewable energy, food export, and entertainment technology. One notable agreement involves a partnership between Hyundai Motor, the Agency for Science, Technology and Research, and Nanyang Technological University to establish a corporate laboratory for joint research on smart manufacturing technologies.
