With the fifth phase of the national action plan (NAP 5), the administration will focus…
DTI cites the benefits of joining the US Indo-Pacific Economic Plan.
On Thursday, the Department of Trade and Industry (DTI) emphasized the advantages for the Philippines of joining the Indo-Pacific Economic Framework (IPEF), which is led by the US, such as collaboration with the US in renewable energy and green metals.
The DTI said a US company with a battery manufacturing patent would finance a feasibility study to help the nation develop nickel ore processing.
According to the agency, the US company provides essential US businesses, such as long-haul trucking firms, hyper-scale data centers, and renewable energy initiatives.
US Secretary of State Antony Blinken announced the US’s support for a feasibility study grant on the first offshore wind farm in the Philippines during his last month’s visit.
The agreement, according to Blinken, is consistent with IPEF’s aim for the transition to green energy.
One of the five main goals of DTI’s investment promotion campaign, “Make It Happen in the Philippines,” is to draw investments in green metals like nickel, cobalt, and copper.
Before the IPEF Ministerial Meeting in Los Angeles last September 2, DTI Secretary Alfredo Pascual also presented to US Commerce Secretary Gina Raimondo the investment potential in the Philippines’ green metals and clean energy sectors.
Pascual has also welcomed Raimondo’s announcement that the US is launching the IPEF Upskilling Initiative. This program will train 7 million women in less developed IPEF countries, including the Philippines, in digital skills. This initiative will be facilitated by 14 of the most prominent digital companies in the US, including Apple, American Towers, and Amazon.
I applaud Secretary Raimondo and Ambassador Katherine Tai of the US Trade Representative for their creative and excellent planning of the Los Angeles IPEF Ministerial Meeting. The program enabled parties to engage in a fruitful exchange of ideas to produce an IPEF, which will serve as both a framework for defining regional trade and investment relations and, more importantly, as a useful platform for implementing novel forms of regional industrial collaboration, according to the DTI chief.
We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.