Cooperation in EV Sector
The Ministry of Trade, Industry & Energy of South Korea announced on November 12 that its minister Baek Woon-kyu and Ramon M. Lopez, Secretary of the Department of Trade & Industry of the Philippines, met with each other in Da Nang, Vietnam on November 10 and signed a memorandum of understanding (MOU) for cooperation in the electric car industry.
According to the MOU, the ministry and the department are scheduled to share their information and exchange their personnel in the industry and form a working committee with each other. The ministry added that the MOU is expected to help South Korean companies and organizations take part in the Philippine government’s project for the popularization of electric vehicles.
They also agreed to cooperate more with each other in the infrastructure projects in the Philippines including the New Clark Green City project. At present, the Philippine government is working on the green city in order to reduce the concentration of population in the capital area and the Korea Electric Power Corporation (KEPCO) is expected to build power distribution networks in the project.
In addition, the two sides are going to fully comply with the free trade agreement between South Korea and the member countries of the Association of Southeast Asian Nations (ASEAN) for the expansion of the bilateral trade while making efforts to reach an agreement as soon as possible on their additional negotiations for free trade.