SM Teo Chee Hean at the 47th Singapore Lecture

Your Excellency Yoon Suk Yeol, President of the Republic of Korea
Your Excellencies
Distinguished guests
Ladies and gentlemen

Welcome to the 47th Singapore Lecture.

This morning, we are honoured to have with us His Excellency Yoon Suk Yeol, President of the Republic of Korea (ROK). President Yoon is on his first State Visit to Singapore, and we are privileged to have him deliver today's Singapore Lecture.

Republic of Korea (ROK)

The successes of modern-day Korea are well known. The ROK is the world's 14th largest economy, Asia's fourth largest economy, and the world's sixth largest exporter. It is also one of the most advanced countries in the world: A leader in high bandwidth memory chips, semiconductors, and ranked 6th globally in Artificial Intelligence (AI) innovation. Its population is highly educated. And of course, the "Hallyu", or Korean wave, has taken the world by storm.

Singapore-ROK Relations

Singapore and the ROK have warm and longstanding relations. These relations are underpinned by strong economic links and excellent people-to-people ties. We are, coincidentally, each other's 7th largest trading partner. We are partners in innovation and technology. In 2023, the Hyundai Motor Group Innovation Centre became Singapore's first robotics smart factory for Electric Vehicles. It is also an R&D centre for Hyundai in Southeast Asia. Singapore companies like CapitaLand and Shopee are also plugged into the Korean market.

Our countries enjoy frequent high-level exchanges. Prime Minister Lawrence Wong attended the virtual leaders' meeting of the AI Seoul Summit in May this year. This was PM Wong's first international engagement as Prime Minister. Our Minister for Defence Dr Ng Eng Hen was in Seoul for the 2nd Responsible AI in the Military Domain (REAIM) Summit in September. Earlier this year, Singapore welcomed visits by six ROK Ministers, covering the portfolios of Defence, Education, Health and Welfare, Justice, Trade, and SMEs and Start-ups.

Bilateral relations continue to deepen. Yesterday, President Yoon and Prime Minister Wong witnessed the signing of an Extradition Treaty and the exchange of five Memoranda of Understanding (MOUs) and agreements in supply chain resilience, food safety, energy, start-ups, and technology. President Yoon and Prime Minister Wong also announced their intention to upgrade bilateral relations to a Strategic Partnership next year - the 50th Anniversary of the establishment of diplomatic relations. Both countries are also collaborating in emerging areas like the digital and green economies, and climate change.

ASEAN-ROK Relations

Under President Yoon, the ROK has renewed and expanded its engagement of the region. The Korean-ASEAN Solidarity Initiative is facilitating deeper cooperation between the ROK and ASEAN in eight core areas. This initiative also supports ASEAN Centrality and shares many synergies with the ASEAN Outlook on the Indo-Pacific. We look forward to the imminent upgrade of ASEAN-ROK relations to a Comprehensive Strategic Partnership.

This year also marks the 35th Anniversary of dialogue relations between ASEAN and the ROK. ASEAN-ROK trade in 2022 reached US$222.8 billion, almost double what it was in 2016. Collectively, ASEAN is the ROK's second largest trading partner. Both sides are now working on upgrading the ASEAN-Korea Free Trade Agreement. When completed, it will further boost ASEAN-ROK trade.

ASEAN-ROK collaboration is expanding into the digital domain. In 2023, the ROK announced plans to launch a US$30 million ASEAN-ROK Digital Innovation Flagship Project. This will play a critical role in supporting ASEAN's digital transformation and wider development.

Yoon Suk Yeol

President has a long and distinguished career in public service. Before becoming the 20th President of the ROK, President Yoon was a prosecutor for 26 years. He started as a Prosecutor at the Daegu District Prosecutors' Office and rose to become Prosecutor-General of the Supreme Prosecutors' Office. As a prosecutor, President Yoon was known for his impartiality, sense of justice, and tireless efforts to combat corruption.

Since taking office, President Yoon has positioned the ROK as a "Global Pivotal State". Through this, he seeks to promote a free, open, and inclusive international order.

President Yoon has also been the key driver behind the ROK's rapidly improved and revitalised relations with Japan. Doing so has required considerable statesmanship and resolve.

On the Korean Peninsula, President Yoon has advocated for complete denuclearisation to achieve peace and stability in the region. His recent "August 15 Unification Doctrine" elaborates on the ROK's approach to engaging the DPRK.

Today, we have the privilege of engaging a strategic thinker who has deep insight into East Asia, and hearing his views and insights. President Yoon's address at this 47th Singapore Lecture is titled "A Vision for Korean Unification Toward a Free, Peaceful, and Prosperous Indo-Pacific Region".

Ladies and gentlemen, it is my pleasure to invite His Excellency President Yoon Suk Yeol to address us. Your Excellency, please.

Topics: Economy, Foreign affairs