Critical minerals MOU with ROK to fuel economic growth, job creation in PH—DTI chief | Department of Trade and Industry Philippines

Manila City, Philippines — The Philippines is ready for Korean investments in sustainable industries, particularly those crucial to the global shift towards clean energy and advanced technology. This was the message shared by Department of Trade and Industry (DTI) Secretary Cristina A. Roque during the presentation of signed agreements at the Malacañan Palace on October 7. This is part of the official activities for the State Visit to the Philippines of His Excellency Yoon Suk Yeol, President of the Republic of Korea.

The signing of the Memorandum of Understanding (MOU) for Strategic Cooperation on Critical Raw Materials Supply Chains between the DTI-Board of Investments, the Department of Environment and Natural Resources, and the Ministry of Trade, Industry and Energy of the Republic of Korea.

The MOU is the first of its kind, jointly signed by the DTI and the DENR, signifying a whole-of-government approach to responsible and sustainable development of the critical minerals sector. It also marks a significant step in enhancing economic relations between the two nations.

The partnership aims to establish stable supply chains for critical raw materials essential for electric vehicles, semiconductors, and renewable energy. It capitalizes on the Philippines’ rich mineral resources and South Korea’s expertise in processing, manufacturing, and recycling.

“This MOU will not only ensure a stable supply of critical raw materials but also facilitate the transfer of technology and expertise, contributing to the Philippines’ journey towards economic complexity,” Secretary Roque stated. “We are confident that this partnership will drive sustainable economic growth, create jobs, and enhance our competitiveness in the global market.”

Moreover, the partnership will encompass the entire critical minerals value chain, from mining and processing to manufacturing and recycling, fostering investment and collaboration at all stages.

It will create synergy between Philippine and Korean firms to enhance investments, research and development, innovation, and workforce development. Additionally, it will promote information exchange and technology modernization, with a strong emphasis on green and eco-friendly technologies.

Building on the recently ratified Philippines-Korea Free Trade Agreement (FTA) and its Economic and Technical Cooperation chapter, this initiative will focus on critical minerals processing and electric vehicles as key areas for collaboration.

The MOU on critical minerals is a key component of a broader strategic partnership between the Philippines and the Republic of Korea, as outlined in the Joint Declaration issued on 07 October 2024. This declaration elevates both nations’ bilateral relationship to a strategic partnership, building on a history of cooperation dating back to 1949.

This comprehensive and strategic partnership signifies the deepening of ties between the Philippines and the Republic of Korea, promising increased cooperation and mutual benefits in the years to come. ♦

Date of release: 08 October 2024

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