The President held summit talks with Singaporean Prime Minister Lee Hsien Loong at Singapore’s presidential office Istana on Saturday (June 5). The Korean President is visiting Singapore on June 4 and 5.
 

The two leaders held intensive discussions on bilateral cooperation in the fields of economy, trade, green growth and culture. Additional talks covered regional cooperation and global society.
 

The President explained the results of the international investigation into the sinking of the Cheonan and Korea’s position on the matter, calling for Singapore’s full support. Prime Minister Lee promised to back South Korea up when referring the issue to the UN Security Council.
 

Both leaders welcomed the Memorandum of Understanding signed between their countries in the fields of medicines and joint development for third countries.
 

In the medical sector the two sides agreed to cooperate on the matter of safety regulations, standards and other approval processes related to the export and import of medicines, cosmetics and medical equipment. They also decided to work closely in field investigations in each country and to form a high-level advisory board.
 

In the area of joint development, the two nations agreed to expand the scale of joint training of third world countries, covering the Middle East and Africa.
 

Korea and Singapore also agreed to enhance practical cooperation through the Mutual Recognition Agreement (MRA) for the Authorized Economic Operator (AEO), agreements which will be made official at the General Assembly for the World Customs Organization later this month in Belgium. The agreement allows for speedy checking processes and other benefits for AEO-certified products in the two nations.
 

The President asked for Singapore’s interest in and support for Korea’s establishment of a Global Green Growth Institute (GGGI), which is aimed at assisting green growth in developing countries.
 

The two leaders then praised bilateral defense ministerial talks, which contributed to setting up a basis for increased cooperation in the defense sector and pledged to maintain such efforts.

Further agreements were made on cultural and personnel exchange between the two nations, including the establishment of a Korea Culture Center in Singapore in the near future.
 

The President also explained Korea’s ongoing preparation for the G-20 financial Summit, slated for November, for which Singaporean Prime Minister Lee expressed his support.