NextGen Day

According to a statement from the South Korean Ministry of Trade, Industry, and Energy (MOTIE), nuclear energy cooperation between the Philippines and South Korea is expected to increase.

This occurred when Seoul and Manila held their second Joint Commission for Trade and Economic Cooperation (JCTEC) meeting on October 18 in South Korea under the direction of MOTIE Deputy Trade Minister Jeong Dae-jin and Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo.

According to MOTIE, “both parties assessed that this meeting, the first to be held in person since the pandemic outbreak, has been timely in enhancing Korea-Philippines economic cooperation focused on essential raw resources, nuclear power plants, renewable energy, and eco-friendly autos.

To make use of the Philippines’ abundant mineral production, particularly its supply of nickel, chromium, and copper, MOTIE said that both countries had agreed to push for a memorandum of understanding (MOU) on the Korea-Philippines Core Raw Materials Supply Chain.

One of the DTI’s focus industries under its Make It Happen in the Philippines initiative is integrated mineral processing.

“To strengthen their links in energy efficiency and to broaden the scope of their cooperation, the two countries established a new working-level communication channel for nuclear power plants and energy. In particular, both parties concurred on intensifying nuclear power collaboration to revive the nuclear reactor business in the Philippines and shared policy stances on the growth of renewable energy, according to MOTIE.

South Korea and the Philippines have discussed using small modular reactor (SMR) technology.

The Korea Hydro Nuclear Power Company also carried out studies on the restoration of the Bataan Nuclear Power Plant.

The free trade agreement (FTA) between the two nations “will be signed shortly,” according to the MOTIE.

Avocados will “be subject to risk assessment procedures by export quarantine regulations,” per the FTA.

“The two countries intend to continue their Korea-Philippines ODAs (official development assistance) on food items, agricultural equipment, and molds in industrial and technological cooperation. Additionally, coordinated efforts for the modernization of outdated public vehicles, EV (electric vehicle) demonstrations, and other green car projects will be enhanced,” MOTIE noted.

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