President Yoon Suk Yeol has attended a ceremony to sign the nameplates of vessels being built by South Korean companies at a shipyard in Peru.

Yoon and Peruvian President Dina Boluarte on Saturday signed the nameplates to be attached to three naval vessels being constructed by South Korean companies.

Yoon said that the nameplates will serve as a testament to bilateral cooperation and partnership in the defense industry, which will further deepen in the future.

Yoon added that the two memoranda of understanding (MOUs) and an agreement in the defense industry signed Saturday will serve as a catalyst to accelerate bilateral cooperation in the area in all directions.

Yoon and Boluarte also held summit talks on Saturday on the sidelines of the Asia-Pacific Cooperation summit in Lima and agreed to expand cooperation in the defense industry through the joint development of naval ships and promote cooperation in the mineral sector.

On the occasion of the summit, South Korea's HD Hyundai Heavy Industries signed an MOU with Peru's state-owned shipyard SIMA for the joint development of submarines.