Next week, President Lee Jae Myung is scheduled to embark on state visits to Singapore and the Philippines for the purpose of engaging in summit discussions focused on enhancing collaboration with the Southeast Asian countries, as announced by Cheong Wa Dae.
Lee is scheduled to travel to Singapore for a three-day trip, during which he will engage in summit discussions with Prime Minister Lawrence Wong and hold a meeting with Singaporean President Tharman Shanmugaratnam, who serves as the ceremonial head of state.
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The details were outlined by presidential spokesperson Kang Yu-jung in a written statement. It will be the second meeting between Lee and Wong, following their initial summit in early November when Wong visited South Korea for the Asia-Pacific Economic Cooperation (APEC) summit.
During that meeting, the two countries elevated their relationship to a strategic partnership. Lee is scheduled to travel to Manila for the purpose of convening a summit with the President of the Philippines, Ferdinand Marcos Jr., all taking place on the same day.
Lee's upcoming meeting with Marcos will be their second summit, following their initial encounter on the sidelines of the APEC summit in the city of Gyeongju in late October.
"In light of Lee's visit to Singapore, the two nations are expected to strengthen cooperation in trade, investment and infrastructure, and broaden the collaboration in promising sectors, such as artificial intelligence (AI) and nuclear power," Kang says, noting Lee will attend a business forum to engage with industry leaders in the AI field.
The spokesperson stated that, as a result of Lee's visit to the Philippines, the two countries will enhance their collaboration in the defense industry, infrastructure, and trade. They also aim to strengthen their partnership in areas such as nuclear power, shipbuilding, critical minerals, and AI.
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Cheong Wa Dae is hopeful that Lee's visit will enhance cooperation with important participants of the Association of Southeast Asian Nations (ASEAN) on the global platform and facilitate the establishment of stronger relationships with the regional organization.
Previously, Lee announced the government's intention to implement policy actions aimed at curbing the advantages associated with owning property for speculative purposes, while simultaneously safeguarding the rights of individuals purchasing homes for residential use.
Lee's comments were interpreted as the most recent caution against engaging in housing speculation, particularly with the imminent expiration of the temporary halt on imposing substantial capital gains taxes on individuals owning multiple homes by the government in May.
Lee announced on his social media platform that the government is committed to safeguarding homeownership for primary residences, while also emphasizing the need for policy measures to deter housing speculation.
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Lee provided details on the strategy to implement tailored regulations and requirements focused on properties specifically utilized as residences, incorporating varying degrees of importance based on factors such as whether the property is occupied by the owner, the quantity of properties owned, and the monetary value of the properties.
Last month, Lee indicated potential revisions to the tax incentives for long-term property ownership by non-occupants. This initiative aims to deter short-term investment by minimizing taxable profit from property sales after a prolonged holding period.
He has consistently recommended homeowners with multiple properties to consider selling their assets before the anticipated end of the sizable capital gains tax exemptions scheduled to lapse in May.