PH, France sign more deals during economic meet
The Philippine delegation led by Trade Secretary Alfredo Pascual has signed more agreements with French companies that could pave the way for the establishment of the country’s first hydrogen plant.
The Department of Trade and Industry on Friday said that two separate memoranda of understanding were signed by National Power Corp. and the Mindanao Development Authority with French power firm Hydrogène de France.
The two agreements, which were signed during the 10th Joint Economic Committee (JEC) meeting held last June 20, aims to facilitate the development of renewable energy and hydrogen power plants in the Philippines.
The hydrogen plant will be the first project of its kind to be undertaken in Southeast Asia, said the government agency.
It is estimated to cost P3 billion (or $50 million) and is set to rise within a 40-hectare site provided by the provincial government in Talusan, one of the three towns on Olutanga Island in Zamboanga Sibugay province.
During the same meeting, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht also presented to Pascual three letters of intent (LOIs).
Of the three LOIs, one offers French expertise and technical support in developing the Philippines’ dairy industry, while the other two contain concrete proposal of Aéroports de Paris on aviation and that of the French Treasury and Matière on road bridges.
Other matters discussed during the meeting were the ongoing study on the Philippines’ electronic industries and the Philippines’ interest in more cooperative engagements with the Centre National D’Etudes Spatiales , the French Space Agency.
During the same meeting, both trade ministers also highlighted the growing trade relations between the two countries, indicating some level of optimism from the two officials. INQ