According to Yonhap News,

South Korea and the Philippines discussed bolstering bilateral cooperation in trade, investment and supply chains amid shifting global trade dynamics, Seoul's industry ministry said Monday.

South Korean Industry Minister Ahn Duk-geun discussed the agenda items in a meeting with a visiting Philippine government delegation, led by Frederick Go, special assistant to the president for investment and economic affairs, according to the Ministry of Trade, Industry and Energy.

In the meeting, the two sides agreed to strengthen collaboration in critical minerals and renewable energy following the elevation of the bilateral relations to a strategic partnership last year.

In 2024, Seoul and Manila signed memorandums of understanding for cooperation in the Philippines' long-stalled nuclear power plant project on the Bataan peninsula and the supply chain of critical minerals.

The ministry said Go told Ahn the Philippines views South Korea as a major partner in trade and investment, while Ahn said the Philippines has big growth potential considering its efforts to create a favorable environment for corporate investments.

On Monday, the Filipino delegation also hosted a business forum on cooperation between South Korea and the Philippines.

"Seoul will continue to collaborate with the Filipino government and utilize economic cooperation platforms between the two countries to support bilateral corporate cooperation," Ahn said in a congratulatory message for the forum.



nyway@yna.co.kr

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Source: Yonhap News (April 7, 2024)