BIZ INTERESTS. Trade Secretary Alfredo Pascual (right, seated) notes the Letter of Intent of Algae Harvest Pty Ltd in Adelaide, Australia on Oct. 9, 2023. Front row, from left to right: Cyclion Pty Ltd Founder and CEO Philip Major and Pascual; (back) Philippine Ambassador to Australia Ma. Hellen De La Vega and Australia Philippines Business Council president Rafael Toda. (Courtesy of DTI)
MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has received two letters of intent (LOIs) and witnessed a signing of a business deal during his trip to Australia for a joint ministerial meeting.
The LOIs were the development of a thorium-fired nuclear reactor by Southern Infrastructure Pty Ltd and Kaizen ANZ Pty Ltd as well as the research collaboration between Algae Harvest Pty Ltd and Cyclion Pty Ltd to use algae in turning waste into high-value products.
Cyclion also signed a memorandum of understanding (MOU) with the National Development Co. (NDC) to treat municipal solid waste (MSW) and convert it to energy.
Aside from the three Australian firms, Pascual also received the interest of Fortescue Metals Group Ltd to explore investment opportunities in hydrogen for transport use.
The Philippines and Australia had their 6th Ministerial Meeting (PAMM) in Adelaide on Tuesday, the first face-to-face PAMM after the coronavirus disease 2019 pandemic.
“Recently, we achieved a significant milestone by elevating our relationship from a comprehensive to a strategic partnership by signing the Joint Declaration. This shift not only broadens our strategic cooperation but also enhances trade and investment between our nations,” Pascual said.
The DTI chief said he wants to strengthen the collaboration with Australia’s public and private sectors in areas of agriculture, education, critical minerals, and clean energy.
Australian Trade and Tourism Minister Don Farrell said Tuesday the Australian government has added Manila as one of the locations for its Investment Deal Teams under its Southeast Asia Economic Strategy 2040.
The deal teams will search for investment opportunities in the region for Australian companies to pour in their capitals.
“Australia’s focus on Southeast Asia aligns with the Philippines’ robust macroeconomic fundamentals, improved governance, political stability, and commitment to a competitive, transparent, and enabling business environment. Australia and the Philippines naturally complement each other, and I encourage the private sector to seize these synergies,” Pascual added. (PNA)
