President Yoon Suk Yeol delivers a keynote speech at the Korea-Phlippines Business Forum at a hotel in Manila, Philippines, Monday. Yonhap

MANILA, Philippines — Korea's top business leaders gathered in Manila on Monday to participate in the Korea-Philippines Business Forum, an event co-hosted by the Federation of Korean Industries (FKI) and the Philippine Chamber of Commerce and Industry (PCCI). The forum took place alongside the bilateral summit between the two countries held earlier that day.

The forum was attended by more than 300 participants, including prominent business figures and government officials from both nations. From Korea, key figures included Samsung Electronics Executive Chairman Lee Jae-yong, Korean Air Chairman Cho Won-tae, LS Group Chairman Koo Ja-eun, Hanwha Group Vice Chairman Kim Dong-kwan and HD Hyundai Vice Chairman Chung Ki-sun.

Samsung Electronics Executive Chairman Lee Jae-yong, left, sits next to Finance Minister Choi Sang-mok, second from left, and Federation of Korean Industries Chairman Ryu Jin during the Korea-Philippines Business Forum at a hotel in Manila, Philippines, Monday. Yonhap

On the Philippine side, business moguls such as San Miguel Corporation President Ramon Ang and Aboitiz Group CEO Sabin Aboitiz were present, along with high-ranking government officials from the country.

After concluding his official schedule at Malacanan Palace, President Yoon Suk Yeol also joined his Philippine counterpart, Ferdinand Marcos Jr., at the event, where they both called for stronger business ties between the two countries.

In a keynote speech, Yoon emphasized that business relations between the two countries can improve even further through the active participation of Korean companies in the Philippines' major infrastructure projects, supply chain agreements, nuclear power cooperation and agricultural technology collaboration.

Samsung Electronics Executive Chairman Lee Jae-yong, left, speaks to Finance Minister Choi Sang-mok during the Korea-Philippines Business Forum at a hotel in Manila, Philippines, Monday. Yonhap

While a total of 20 MOUs were signed during the summit, 13 of them were finalized at the business forum. These include an agreement between the FKI and the PCCI to promote economic cooperation between the two countries, expanding industrial collaboration and information exchange and strengthening multilateral cooperation.

The Philippines' Quezon Power and Korea's Doosan Enerbility also signed a memorandum of understanding (MOU) to deepen cooperation on the gas combined cycle power project in the western region. The Korean energy company also signed another agreement with the Manila Electric Company on combined cycle and gas turbine projects.

An MOU on comprehensive cooperation between San Miguel Corporation and Samsung C&T was also signed to ensure information exchange for the development of infrastructure and public-private partnership projects in the Philippines.

Korean Air and Cebu Pacific also signed an MOU, agreeing to collaborate on maintenance, repair and overhaul expertise, including aircraft and engine maintenance technology.