S. Korea, Philippines forge strategic partnership during Yoon's state visit

President Yoon Suk Yeol, who is on a state visit to the Philippines, held a summit meeting with Philippine President Ferdinand Romualdez Marcos Jr. on Monday and signed a memorandum of understanding (MOU) to conduct feasibility studies on resuming the operation of the Bataan Nuclear Power Plant. The countries announced that they would upgrade their relationship to a ‘strategic partnership’ in commemoration of the 75th anniversary of diplomatic relations, and they signed 20 MOUs in total.

“The MOU will help strengthen the foundation for nuclear power plant cooperation between the two countries,” said President Yoon in a joint press release after the meeting. “The feasibility study on the Bataan nuclear power plant operation will contribute to the energy security of the Philippines,” President Marcos emphasized. The decision was made in 2022 to resume operations of the Bataan nuclear power plant, whose construction was halted due to the Chornobyl nuclear power plant accident in 1986, to meet rising power demand. Korea Hydro & Nuclear Power will perform a study on the economics and safety for the plan, which is expected to take about six months.

“Team Korea will be the best nuclear power plant partner for the Philippines,” said President Yoon at the Korea-Philippines Business Forum attended by about 200 participants, including the heads of state and business leaders of both countries, on Monday.

The two countries also aligned to strengthen security cooperation in defense and maritime industries. The two leaders reached a common understanding on Korea actively participating in the Philippines' 'Military Modernization Phase 3 Project' and expanding the participation of the Korean military in joint exercises conducted in the Philippines. President Yoon stressed that “the two countries also agreed on the importance of peace, stability, and safety in the South China Sea, a key maritime transportation route in the region,” in reference to the South China Sea, where a territorial dispute between China and the Philippines is underway. The two countries also signed the ‘Korea-Philippines Maritime Cooperation MOU’ to strengthen maritime security and safety cooperation.

The Korean government also decided to use the Economic Cooperation Fund (EDCF) to provide approximately 2 billion dollars, the largest amount as of date, to Philippine infrastructure projects. Nine hundred five million dollars will be provided for the Laguna Lake Ring Road construction and 1 billion dollars for the construction of a sea bridge. “It will be a ‘win-win’ economic cooperation outcome for both countries, by supporting local economic development in the Philippines and business wins for Korean companies developing large-scale infrastructure projects,” said Park Chun-seop, Senior Secretary to the President for Economic Affairs.


Na-Ri Shin journari@donga.com