S. Korea, Singapore Vow to Boost Economic, Diplomatic Cooperation

Write : 2018-07-12 15:23:24 Update : 2018-07-17 11:01:49

S. Korea, Singapore Vow to Boost Economic, Diplomatic Cooperation

Anchor: President Moon Jae-in, who is on a three-day state visit to Singapore, held summit talks with Singapore's Prime Minister Lee Hsien Loong on Thursday. During their meeting, the two leaders discussed a wide range of issues, from enhancing bilateral ties to promoting free trade and establishing peace in the region.
Choi You Sun has this report. 

Report: At the summit between President Moon Jae-in and Singapore's Prime Minister Lee Hsien Loong Thursday, Moon expressed his intent to upgrade South Korea’s friendly and cooperative ties with Singapore to relations that are reciprocal, comprehensive and future-oriented.

The South Korean leader also hoped to further promote ties between South Korea and the Association of Southeast Asian Nations(ASEAN) together with Singapore, which is chairing the regional bloc this year.

In response, Lee said he hopes bilateral ties will move forward based on Moon’s New Southern Policy, which focuses on expanding cooperation with Southeast Asia.

On the economic front, the two leaders agreed to exert efforts to expand the participation of South Korean companies in Singapore’s projects related to transportation, infrastructure and energy.

Following their summit at the Singaporean presidential palace Istana, Moon said the two countries will expand bilateral trade volume, which currently stands at roughly 20 billion dollars.

He added they agreed to boost investment by swiftly concluding negotiations on revising their accord on preventing double taxation.

The two countries also agreed to enhance cooperation in the era of the Fourth Industrial Revolution, focusing on new industries such as the high-tech sector and fintech.

Taking note of the recent reconciliatory mood on the Korean Peninsula, Moon said the two sides decided to work closely together for North Korea's denuclearization, as well as to help establish peace and prosperity in the region.
Choi You Sun, KBS World Radio News.

[Photo : YONHAP News]

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