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AUSTRALIA’s Fortescue Metals Group Ltd. has expressed interest in investing in the Philippines’ hydrogen energy industry, the Department of Trade and Industry (DTI) said.
In a statement, the DTI said Trade Secretary Alfredo E. Pascual encouraged Fortescue to partner with Philippine companies with geothermal projects as a starting point.
“With a conducive business environment in place … Fortescue … can also partner with companies with existing projects such as geothermal, while also considering hydrogen as an energy option for the longer term,” Mr. Pascual said.
The DTI said that during Mr. Pascual’s meeting with the Australian company on Monday, Fortescue said it will explore “prospective investment opportunities in the Philippines.”
“They highlighted interest in utilizing hydrogen, particularly for transport given the proven technology in this area. They also said that they look forward to partnering with experts and local partners in their potential investment in the country,” the DTI said. erday, the DTI said that Australian companies have expressed interest in a public-private partnership for a 40-megawatt thorium-fueled simple-high-temperature gas-cooled reactor.
In a Viber message, Mr. Pascual said that the project in which Australia’s Southern Infrastructure Pty Ltd. and Kaizen ANZ Pty Ltd. expressed interest in carries potential advantage against uranium-based nuclear reactors.
“Thorium reactors have some potential advantages such as greater abundance of thorium in the Earth’s crust, reduced nuclear waste production, and enhanced inherent safety features,” Mr. Pascual said.
“While not renewable, the energy from nuclear power plants is considered clean. Thorium reactors represent a promising alternative for nuclear energy generation,” he added.
On Tuesday, Mr. Pascual and Foreign Affairs Secretary Enrique A. Manalo attended the sixth Philippines-Australia Ministerial Meeting (PAMM) in Adelaide.
In a joint statement, the trade and foreign affairs ministers of both countries welcomed the elevation of the Philippines-Australia bilateral relationship to a strategic partnership.
“The Ministers and Secretaries reinforced our countries’ commitment to striving for a region that is open, stable and prosperous. They reaffirmed our shared interests in preserving peace in the Indo-Pacific and recognized the stability of the region is anchored in respect for sovereignty and agreed rules and norms, and commitment to upholding international law,” the joint statement read.
Australian Foreign Minister Penny Wong said at the PAMM Joint Media Conference that Australia shares a special connection with the Philippines through its long friendship, deep partnership and 77 years of diplomatic relations.
“We are really pleased with what we are doing together, the practical steps we are taking and the importance of this relationship both bilaterally and also for the region we share,” she said.
Mr. Manalo said PAMM underscores the commitment of both countries to deepen existing and explore new areas of cooperation as strategic partners.
“As strategic partners, we are determined to seek alignment as we pursue cooperation across various sectors including defense, security, law and justice, trade and investment, development, people-to-people, and matters of regional significance,” he said.
He also added that the Philippines is now recognizing the growing importance of cybersecurity and looks forward to advancing cooperation with Australia.
Donald Edward Farrel, Australia’s Minister for Trade and Tourism, said there is more to explore in expanding the two-way trade between the Philippines and Australia.
“The Philippines is an extremely important economic partner to Australia. It is one of the fastest growing economies in this part of the world and the region,” Mr. Farrel said.
“We can do better, with less than 10 billion Australian dollars worth of two-way trade, the Philippines is our 17th largest trading partner,” he added.
He said that this could be further improved through the business mission Australia plans to send next year and the establishment of an Australian investment deal team in Manila.
“These efforts will make an important contribution to ensuring that we can expand our trade and investment connections,” he said.
Mr. Pascual said that the countries will work together to enhance collaboration in areas of mutual interests such as agriculture, education, critical minerals and clean energy.
“There is a lot of room for doing these enhancements. The Philippines is committed to work with Australia in finding mutually beneficial gains as we move forward to our strategic partnership,” he said.