S. Korea, the Philippines vow enhanced cooperation in key minerals, nuclear energy

SEOUL, Oct. 18 (Yonhap) — South Korea and the Philippines agreed Tuesday to strengthen cooperation in supply chains of key raw materials and nuclear power, the industry ministry here said.

The consensus was reached during their economic and trade cooperation committee meeting in Seoul between Seoul’s Deputy Trade Minister Jeong Dae-jin and the southeastern country’s Trade Undersecretary Ceferino S. Rodolfo.

The two sides agreed to sign a memorandum of understanding on the supply of key minerals and other raw materials for industry purposes, and to launch working-level talks for details, according to the Ministry of Trade, Industry and Energy.

South Korea has been working hard to explore new suppliers of major minerals to reduce its heavy reliance on China and to better ensure stable supply chains. The Philippines is rich in major minerals, such as nickel and chrome.

During the talks, the officials also vowed to work more closely for the nuclear power generation and various clean energy issues, as Manila seeks nuclear energy programs to boost energy self-efficiency and environmental sustainability.

In the 1980s, the Philippines launched a project to construct a nuclear power plant in Bataan, but the facility has not been commissioned amid safety concerns in the wake of the Chernobyl disaster in Ukraine.

Officials said the two nations recently have had talks on the possible revival of the mothballed plant.

“The two sides agreed to push for the official signing of the bilateral FTA at an early date, and to help support their companies to maximize the agreement,” the ministry said in a release.

South Korea and the Philippines struck the deal in October 2021, and domestic procedures are under way in the respective nations.

Article from Yonhap News Agency

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