President Moon Jae-in (left) and Singaporean Prime Minister Lee Hsien Loong on July 12 last year shake hands after their joint news conference at the Istana, Singapore.

Singapore possesses a geographically strategic position connecting Southeast Asia, Southwest Asia and the Middle East. Both Korea and Singapore are considered among the four Asian tigers, or the four economic powerhouses in Asia, and have strong information and communications technology (ICT) and education systems.

Since forming diplomatic ties in 1975, both nations have closely cooperated in trade, investment and construction. The city-state is also the biggest Asian market for Korean builders, who have taken part in major projects there such as Tanjong Pagar Centre, Singapore's tallest building, and the terminal at Singapore Changi Airport.

President Moon on July 12 last year holds a summit with Singaporean Prime Minister Lee Hsien Loong at the Singaporean president's official residence, the Istana.

In July last year, President Moon Jae-in became the first Korean leader in 15 years to pay a state visit to Singapore. There, he held a summit with Singaporean Prime Minister Lee Hsien Loong on boosting the bilateral relationship to a future-oriented one.

The two leaders agreed that their countries are optimal partners for leading the era of the Fourth Industrial Revolution given their world-class ICT and human resources.

They also agreed to boost cooperation in newly emerging industries such as fintech and bio and medicine, as well as small and medium businesses, startups and energy to yield future-growth momentum.

Both countries agreed to upgrade their bilateral relationship from one of "amity and cooperation" to one that is "mutually beneficial, comprehensive and future-oriented." They also agreed to jointly form a "human-centered community of the future" by strengthening their human resource capacities given the strong education systems of the two nations.

President Moon Jae-in on July 12 last year gives the keynote speech at the Korea-Singapore Business Forum in Singapore, proposing methods of future-oriented cooperation to serve as a cornerstone for bilateral development.