The United States Trade Department and the Department of Trade and Industry agreed to push key cooperation and investment opportunities, particularly in the area of power generation.
In his meeting with Secretary of Commerce Gina Raimondo, Trade Secretary Alfredo Pascual, as part of the Philippine delegation with President Ferdinand Marcos Jr. in New York City, USA, said an agreement to pursue key investments in power generation, mineral processing and infrastructure was sealed.
Pascual said he shared the country’s intention to attract US investments in power generation, especially in the field of renewable energy such as geothermal, solar, and wind power for the Philippines, in line with the government’s plan to address the energy supply and the rising cost of traditional power generation in the country through untapped resources.
GSP reactivation sought
Moreover, Pascual also agreed for an infrastructure business match undertaking between the Philippines and the US, and further demanded for Raimondo’s support for the reauthorization of the US Generalized System of Preferences that will provide duty-free privileges to several Philippine-made products exported to the US.
The US-GSP being enjoyed by Philippine exporters had not been renewed following its expiration last 31 December 2021.
Investments in metals
On the other hand, Pascual also aired the country’s determination to explore investment opportunities in green metals in partnership with US firms, as the Philippines, according to Pascual, has vast resources of nickel and cobalt which are key inputs for battery manufacturing, and copper, which is an important input for the production and manufacture of technology products.
“These investments are timely as we promote the e-vehicle industry and production of high technology products in the Philippines. The country wants to add value by processing these mineral resources instead of simply exporting ores,” he said.
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