South Korean President Lee Jae-myung Seeks Real Estate and AI Insights During Singapore State Visit

South Korean President Lee Jae-myung, on a state visit to Singapore from March 1-3, 2026, has expressed interest in learning from Singapore’s successes in public sector integrity, real estate policies, and artificial intelligence (AI) development. The visit, at the invitation of Singapore President Tharman Shanmugaratnam, aims to strengthen bilateral ties and explore areas of mutual benefit.

Meetings with President Tharman Shanmugaratnam

President Lee met with President Tharman Shanmugaratnam at the Ministry of Foreign Affairs building on March 2nd, praising Singapore’s anti-corruption policies and the integrity of its public sector. He stated that South Korea could learn from Singapore’s system of rewards and punishments, and compensation structures that align with private enterprise, which have effectively minimized corruption opportunities. Source

Both presidents acknowledged the similarities between their nations – limited resources and a high population density – and highlighted the importance of investing in human capital for economic growth. Source

Focus on Real Estate and AI Cooperation

President Lee specifically noted his long-standing interest in Singapore’s real estate policies, dating back to his time as Mayor of Seongnam. He expressed a desire to understand how Singapore has managed to avoid the social problems often associated with rapid economic growth and housing affordability. Source

Recognizing South Korea’s focus on advanced technologies like AI, President Lee also identified significant potential for cooperation with Singapore, which is already a leader in the AI field. Source

Economic Partnership and FTA 2.0

During a joint press conference with Singapore Prime Minister Lawrence Wong, President Lee expressed a willingness to initiate a new era of economic cooperation, including the improvement of the existing South Korea-Singapore Free Trade Agreement (FTA). Source The move comes amid growing concerns about protectionism and the need to strengthen economic security. Source

Bilateral trade between the two countries reached $30.93 billion in 2023, nearly doubling from $18.266 billion in 2020. Source Negotiations to improve the FTA are expected to further boost trade volume.

Memorandums of Understanding

In addition to the FTA discussions, South Korea and Singapore signed memorandums of understanding (MOUs) to foster collaboration in several key areas, including:

• Science and technology cooperation in public safety
• Artificial intelligence and digital technology cooperation
• Intellectual property cooperation
• Environmental satellites
• Small module nuclear power plants (SMR) cooperation

Source

First Lady Exchanges

Alongside the presidential meetings, First Lady Kim Hea Kyung engaged in discussions with Singapore’s First Lady, Jane Yumiko Itogi, at the ‘Temenggong Artist in Residence’. They discussed the promotion of culture and arts, highlighting the deep interest Singaporeans have in Korean culture, including food, cosmetics, and dramas. Source The First Ladies also exchanged views on the role of art in social inclusion and healing, with Mrs. Itogi sharing her perform supporting inmates’ rehabilitation through artistic expression. Source