Speech By President Tharman Shanmugaratnam At The State Banquet In Honour Of President Of The Republic Of Korea Yoon Suk Yeol 8 October 2024 At The Fullerton Hotel

Your Excellency, President Yoon Suk Yeol

Madam Kim Keon Hee

Excellencies

Distinguished Guests

Ladies and Gentlemen

1.  Annyeonghashimnikka!

2.  Let me begin by extending a warm welcome to His Excellency President Yoon, Madam Kim, and to all our friends from the Republic of Korea. We are honoured to host you for this State Visit to Singapore.

3.  Singapore and the Republic of Korea share a history of profound economic and social transformation over the space of six decades. Singapore, once a regional port under colonial administration, has evolved into a global economic hub. The Republic of Korea has risen from the devastation of war to become not only an economic powerhouse but also a cultural phenomenon.

4. People often cast our nations as two of the Four Asian Tigers. While the label captures our economic strides, it does not fully convey the deeper aspirations that we share. There is a richness in our experiences that goes beyond economic success. We share a common ethos: of turning adversity into opportunity, of building strengths where none existed before, and of wanting to contribute to a better world.

5.  From the time Singapore and the Republic of Korea established diplomatic ties in 1975, our relationship has not only deepened but broadened. Earlier today, Prime Minister Lawrence Wong and Your Excellency announced that our two countries will work towards upgrading our relations to a Strategic Partnership, in conjunction with the 50^th anniversary of our diplomatic ties next year. A Strategic Partnership will provide a roadmap for cooperation in critical new areas like AI and the digital and green economies.

6.  The economic partnership between our two nations is strong. We are each other’s 7^th largest trading partner. Investments in both directions have also grown significantly. Earlier today, our two countries signed four MOUs covering supply chain partnership, LNG procurement, advanced industrial and energy technology, and collaboration on Small and Medium Enterprises and Start-ups.

7.  We are broadening our collaboration into areas of the future. The Hyundai Motor Group Innovation Centre is one of its key R&D hubs, and a first-of-its-kind robotics smart factory for producing electric vehicles. The Centre exemplifies our joint commitment to innovation, future mobility, and sustainability. It was not by accident that when His Holiness Pope Francis visited Singapore, he used a Hyundai IONIQ 5 Prestige, produced at the Centre.

Your Excellency,

8.  Under your stewardship, South Korea has made impressive strides in digital innovation and green technology. Together, we are also helping set new standards for open, efficient, and inclusive digital trade. The Korea-Singapore Digital Partnership Agreement is our first with an Asian country. South Korea also recently joined the Digital Economy Partnership Agreement, which now comprises four countries.

9.  We are also joining hands to address the challenge of climate change. Our Green Economic Cooperation agreement reflects our shared commitment to building more resilient economies and playing our part in contributing to a sustainable world.

10.  The links between our two nations are, increasingly too, cultural and personal. The Korean wave, “Hallyu”, reached Singapore’s shores years ago. K-dramas, K-movies, and K-pop are hugely popular.  They have inspired many Singaporeans to learn more about Korea, including the language, the culture, and the food. There are indeed hundreds of Korean restaurants in Singapore now. And K-pop groups like BTS, Blackpink, and Aespa are household names, performing to sell-out crowds.

11.  The cultural exchange flows both ways. 'Ajoomma' was the first Singapore-South Korea film co-production. It was a great success, garnering four Golden Horse Award nominations. It was such a heartwarming story about how kindness can transcend language and cultural differences. That is why it resonated so well with audiences in both countries. I am pleased that the Director Mr He Shuming, and the Singaporean star Ms Hong Hui Fang, are both here with us.

Your Excellency,

12.  Singapore and the Republic of Korea share similar strategic views. We are both committed to supporting a free and open trading system and to fostering a rules-based international order. These are fundamental tenets for trading nations like us. 

13.  Singapore has consistently supported peace efforts on the Korean Peninsula, as it is crucial for the prosperity of our broader region. We have done so bilaterally, as well as by working through ASEAN and the United Nations. We remain committed to supporting all constructive efforts towards a de-escalation of tensions and lasting peace in the region.

14.  This year marks the 35th anniversary of ASEAN-ROK Dialogue Relations. We welcome the ROK’s continued commitment to the region through the Korea-ASEAN Solidarity Initiative, which opens up new avenues for cooperation. We look forward to working with South Korea to realise this vision.

Your Excellency,

15.  Your visit to Singapore reaffirms the warm and enduring friendship between our two nations. I am confident that the partnership between our countries will continue to flourish, bringing benefits to both our peoples and contributing to the stability and prosperity of our region.

16.  May I now invite you to join me in a toast:

    • To the good health and success of President Yoon and Madam Kim;

    • To the progress and prosperity of the people of the Republic of Korea; and

    • To the enduring friendship between Singapore and the Republic of Korea.

17. We Ha Yo! Cheers!