South Korean President Yoon Suk-yeol’s state visit to Singapore has resulted in the signing of major agreements to strengthen economic cooperation between the two nations. The two countries agreed to upgrade their bilateral ties to a strategic partnership next year, coinciding with the 50th anniversary of diplomatic relations. The upgrade reflects both nations’ intent to deepen cooperation in key areas such as energy security, trade and technological innovation.

The visit also saw the signing of a bilateral supply chain partnership arrangement and a liquified natural gas (LNG) cooperation memorandum of understanding (MOU) to stabilize South Korea’s natural gas supply chain. A technology cooperation MOU was also signed to advance collaboration in industries such as artificial intelligence, future mobility and renewable energy.