The Ministry of Trade, Industry and Energy (MOTIE) and Korea Hydro & Nuclear Power (KHNP) reached a new milestone with the Philippines today for cooperation in supply chain and nuclear energy with the Filipino Department of Trade and Industry (DTI), Department of Environment and Natural Resources (DENR), and the Department of Energy (DOE) on the margins of Korean President Yoon Suk Yeol’s state visit to the Philippines for a bilateral summit.
First, MOTIE entered into a memorandum of understanding (MOU) for supply chain in critical materials with the Philippines, the world’s second largest nickel producer. The MOU is expected to help the two countries build a mutually beneficial supply chain and take joint response against sudden supply chain disruptions amid the ongoing U.S.-China competition and global economic fragmentation.
KHNP sealed an MOU with the Philippines’ Department of Energy for cooperation on the feasibility study for resuming construction of the Bataan nuclear power plant, which has been put on pause in 1986. They aim to launch feasibility investigations in terms of assessing the safety of continuing the Bataan project and its economic value.
On the heels of the MOU signing ceremony, the two countries’ economic groups organized the Korea-Philippines Business Forum with the participation of roughly 300 business leaders of both sides, where they inked a total of 13 additional MOUs between economic groups and companies in areas like nuclear reactors, energy, construction, infrastructure, aircraft maintenance, defense, agriculture, and retail.
In nuclear reactors and energy, three MOUs were signed for cooperation on nuclear energy technology and gas-fired combined cycle power plant (CCPP) projects. Korea’s major plant company and the Philippines’ largest independent power producer (IPP) entered into two MOUs, fueling anticipation for collaboration over all energy sectors going forward.
In line with the numerous large-scale construction and infrastructure projects recently pushed by the Filipino government, four MOUs were signed in construction and infrastructure areas such as manpower and information exchange as well as smart city. Based on these MOUs, Korean businesses are looking forward to enhanced chances of winning more projects put out by the Philippines.
Five MOUs were forged in aircraft maintenance, defense, agriculture, and retail, which has helped establish stable grounds for cooperation in not only manufacturing but in all industries including service and food, while also contributing to boosting Korean businesses’ exports.
Meanwhile, the Federation of Korean Industries (KFI) and the Philippines Chamber of Commerce and Industry (PCCI) sealed an MOU to spur bilateral economic cooperation and widen the scope of information exchange, which is anticipated to further catalyze exchanges and cooperation between the two countries’ economic groups.
MOTIE plans to actively support the MOUs closed between businesses and economic groups today on the sidelines of the Korea-Philippines Summit to ensure they translate into tangible outcomes.