South Korea, Philippines upgrade ties to strategic partnership, sign agreement on nuclear energy
- In Reports
- 11:04 PM, Oct 07, 2024
- Myind Staff
South Korean President Yoon Suk Yeol and Philippine President Ferdinand Marcos Jr. announced on Monday their commitment to enhancing defense cooperation, elevating their bilateral relations to a strategic partnership in response to increasing security challenges in the region. During discussions at the Philippine presidential palace, the two leaders addressed several pressing issues, including tensions in the South China Sea and the Korean peninsula. They also signed agreements focusing on coastguard cooperation and nuclear energy development.
"President Marcos and I opened a new chapter of our partnership by elevating our relationship to a strategic partnership," said Yoon, who is on a state visit to Manila, the first by a South Korean leader in more than a decade.
In a joint press conference with President Marcos, President Yoon announced South Korea's intention to actively participate in the latest phase of the Philippines' multi-billion-dollar military modernisation initiative. This commitment comes amid escalating tensions with China in the South China Sea.
South Korea is seeking to increase its global defence exports, capitalising on opportunities arising from Russia's invasion of Ukraine, which has led to significant contracts in Europe, the Middle East, and Asia. The country, having already sold FA-50 fighter jets, corvettes, and frigates to the Philippines, aims to become the world's fourth-largest arms exporter by 2027. In the third phase of its modernisation plan, the Philippine military is looking to acquire advanced assets, including fighter jets, submarines, and missile systems, to enhance its territorial defence and maritime security.
The two leaders reaffirmed their commitment to upholding an international rules-based order, particularly concerning the safety of navigation in the South China Sea. President Yoon emphasised that the international community will not tolerate North Korea's nuclear program or its "reckless provocations."
Elected in 2022 with a promise to enhance South Korea's nuclear power industry, Yoon announced the signing of a memorandum of agreement (MoU) for a feasibility study on the long-dormant Philippine Bataan Nuclear Power Plant (BNPP), with a goal of exporting ten additional nuclear power plants by 2030.
The Bataan Nuclear Power Plant (BNPP), which was approved by the late strongman Ferdinand Marcos Sr., has remained non-operational since its completion in 1984, despite a $2.3 billion investment and its initial promise of energy security during the 1970s oil crisis. The Philippines is now looking to nuclear power as a viable alternative baseload energy source, aiming to retire coal plants to meet climate goals and enhance energy security.
Following his visit to Manila, President Yoon is scheduled to travel to Singapore on Tuesday and Wednesday, before heading to Laos for a regional summit with leaders from the Association of Southeast Asian Nations and several other Asian countries.
Comments