President Moon Jae-in says South Korea and Singapore have agreed to further boost bilateral economic cooperation in order to provide substantial benefits for their people. 

Speaking to the press after holding a summit with Singapore’s Prime Minister Lee Hsien Loong on Thursday at the Singaporean presidential palace, Moon said the two countries will expand their bilateral trade volume, which currently stands at roughly 20 billion dollars. 

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

In particular, Moon said the two countries agreed to jointly prepare for the Fourth Industrial Revolution. 

He said he believes that South Korea and Singapore will enjoy remarkable achievements in artificial intelligence, big data, fintech and biotechnology if their technical capability and capital strength are well combined and utilized. 

Moon said they also decided to work closely together for peace and prosperity in the region. He noted that Singapore hosted the historic U.S.-North Korea summit last month and that Lee and Singapore’s people had greatly contributed to ushering a new era for peace on the Korean Peninsula.

[Photo : YONHAP News]