Singapore and South Korea deepen strategic partnership with trade and tech push

Singapore and South Korea have agreed to upgrade their bilateral Free Trade Agreement and expand cooperation in emerging sectors such as artificial intelligence, green energy and advanced manufacturing, as both nations seek to future-proof their economies amid global uncertainty.

Speaking at a joint press conference on 2 March 2026, Prime Minister and Minister for Finance Lawrence Wong welcomed Lee Jae Myung on his first visit to Singapore as President, describing the Republic of Korea as a “valued and reliable partner” in an increasingly complex world.

The meeting comes just months after both countries elevated ties to a Strategic Partnership in 2025, marking 50 years of diplomatic relations. Several memoranda of understanding (MOUs) were exchanged during the visit, underscoring what PM Wong called “strong momentum” in bilateral cooperation.

Trade pact to be modernised

A key announcement was the decision to upgrade the Korea-Singapore Free Trade Agreement (FTA), which entered into force in 2006. The move aims to ensure the pact remains relevant in a global trading landscape shaped by supply chain resilience, digital trade and sustainability priorities.

Singapore’s investments in South Korea have more than doubled since 2020, PM Wong noted. Companies such as PSA International, Singapore Airlines and CapitaLand are deepening partnerships across logistics, aviation and real estate.

Meanwhile, South Korean firms including Hyundai Motor Company, Lotte Group and Hanwha Ocean are expanding their footprint in Singapore, using it as a hub to access Southeast Asian markets.

Both leaders said the upgraded FTA would remain forward-looking and beneficial to businesses and workers in both countries.

Cooperation in nuclear energy and green transition

Clean energy featured prominently in discussions. Singapore is studying the potential of nuclear power as part of its long-term energy mix and hopes to draw on South Korea’s expertise in the sector.

The two sides have commenced negotiations on a Nuclear Cooperation Agreement, aimed at strengthening collaboration in civil nuclear energy.

Deepening AI and digital ties

Technology and innovation were also key pillars of the talks. Newly signed MOUs will support joint research and talent exchanges in advanced manufacturing and other high-value industries.

The leaders agreed to deepen cooperation in artificial intelligence (AI), working towards a bilateral framework for AI collaboration. Agencies from both countries will also strengthen cybersecurity cooperation to ensure digital transformation efforts are secure and trusted.

Civil service and people-to-people links

Institutional ties are set to expand further. Singapore will host the inaugural Singapura Programme later this year for senior South Korean officials to exchange best practices. A broader Civil Service Exchange Programme is expected to follow next year to promote two-way interactions and deeper policy collaboration.

Beyond economic and strategic ties, PM Wong highlighted the strong cultural connections between the two nations. South Korea’s global cultural influence continues to resonate in Singapore, with the K-pop group BTS scheduled to perform in the city later this year.

Commitment to open trade

Both countries reaffirmed their commitment to open trade and multilateralism, including cooperation under frameworks such as the Regional Comprehensive Economic Partnership and the Digital Economy Partnership Agreement.

Singapore also expressed readiness to begin negotiations to upgrade the ASEAN-Korea Free Trade Area, underscoring its role as coordinator for ASEAN-Korea economic relations.

Concluding the press conference, PM Wong said trusted and like-minded partners matter more than ever in a volatile global environment.

“I look forward to working closely with President Lee to bring our Strategic Partnership to even greater heights,” he said.