South Korea, Singapore sign supply chain partnership arrangement

Singapore: South Korean President Yoon Suk Yeol and Singaporean Prime Minister Lawrence Wong held summit talks on Tuesday and agreed to strengthen cooperation in various sectors across supply chains, energy, bio and advanced technology.

Yoon and Wong discussed enhancing the resilience of critical sectors based on a supply chain partnership arrangement signed between the two countries on the sidelines of the summit during Yoon's three-day state visit to Singapore, Yonhap news agency reported.

It marks the first supply chain deal between the two nations, following a multilateral agreement signed by the 14 members of the Indo-Pacific Economic Framework, an economic initiative launched by the United States in May 2022.

"I and Prime Minister Wong have agreed to further strengthen cooperation in the supply chains of strategic goods and energy to deal with the growing uncertainties in the global economy," Yoon said in a joint press conference.

The agreement includes specific action plans to boost resilience in key sectors, outlining a crisis response network that will facilitate emergency meetings between the two governments within five days of detecting supply chain disruptions.

In the energy sector, the two countries signed a memorandum of understanding (MOU) on liquefied natural gas (LNG) cooperation, covering areas such as LNG swaps, joint purchases and information sharing.

"The MOU on LNG cooperation between South Korea, the world's third-largest LNG importer, and Singapore, a global LNG trading hub, will contribute to the stability of the global energy supply chain," Yoon said.

The two leaders committed to strengthening collaboration in the startups and cutting-edge technology sectors, aiming to create synergy between South Korea's expertise in chips, batteries and vehicles, and Singapore's strengths in artificial intelligence, bio and energy.

South Korea established a startup centre in Singapore in 2020, its first in Southeast Asia, to support Korean startups entering the region's markets.

An extradition treaty was also signed for the arrest and extradition of fugitives between the two countries.

During the summit, Yoon and Wong discussed regional security issues and agreed to present a united front against North Korea's threats at the upcoming Association of Southeast Asian Nations (ASEAN) summit in Laos later this week.

"We share the view that the international community will never tolerate North Korea's illegal nuclear development and reckless provocations," Yoon said. "We have also agreed to closely coordinate to ensure that the international community sends a clear and united message to North Korea at the ASEAN Summit."

On Tuesday, Yoon met Singaporean President Tharman Shanmugaratnam, the ceremonial head of the city-state, and former Prime Minister Lee Hsien Loong, now senior minister, to discuss ways to promote bilateral ties.

Following the summit, Yoon visited the Hyundai Motor Group Innovation Center Singapore in the Jurong Innovation District, an industrial complex west of Singapore, accompanied by Hyundai Motor Group Executive Chair Euisun Chung.

Opened in November 2023, the seven-story building spans 86,900 square meters and has the capacity to produce up to 30,000 electric vehicles annually, including models such as the Ioniq 5, Ioniq 6 and Ioniq 5 robotaxis.