Philippines teams up with Marubeni Corporation for renewable energy.

By Oliver Townsend Jun 28, 2024
Philippines And Marubeni Corporation Forge Renewable Energy Partnership.jpegOrginal image from: https://solarquarter.com/2024/06/28/philippines-and-marubeni-corporation-forge-renewable-energy-partnership/

Recently, the Philippines and Marubeni Corporation have joined forces to establish a partnership in the renewable energy sector. This collaboration aims to further the country’s renewable energy goals and strengthen economic ties between the Philippines and Japan. The Department of Trade and Industry (DTI) Secretary Fred Pascual welcomed senior executives from Marubeni Corporation to discuss potential investment opportunities that could benefit both nations.

Enhancing Economic Opportunities Through Marubeni’s Involvement

During the meeting, Secretary Pascual emphasized Marubeni’s potential to contribute to economic growth by investing in strategic infrastructure projects aligned with the Philippines’ renewable energy objectives. The discussions centered on government initiatives to create a favorable environment for Japanese businesses, including improved infrastructure, fiscal incentives, and streamlined business operations. Secretary Pascual highlighted the DTI’s role in implementing President Ferdinand R. Marcos Jr.’s food logistics action agenda to ensure food security.

Investment Opportunities and Future Prospects

Aside from food security initiatives, Secretary Pascual also pointed out investment opportunities in various sectors such as value-added processing of agricultural commodities, connectivity, infrastructure, and real estate development. Marubeni, with its extensive experience dating back to 1909, has been instrumental in key infrastructure projects within the energy sector, significantly contributing to the nation’s energy supply reliability. Looking ahead, Marubeni expressed interest in sustainability initiatives like Smart Grid and Floating Solar projects in New Clark City, along with exploring Offshore Wind Power Projects to harness renewable energy sources in the Philippines.

Philippines’ Support for Foreign Investments

The Philippines government reiterated its commitment to providing a dynamic business environment conducive to foreign investments. Recent policy reforms aim to attract more foreign direct investments across various sectors. Secretary Pascual affirmed the government’s dedication to facilitating a supportive business ecosystem and ensuring streamlined processes for foreign investors navigating the local investment landscape. Collaboration between the Philippines and Marubeni is expected to unlock new avenues for economic prosperity and mutual benefits.

Strengthening Economic Cooperation for Sustainable Development

As Marubeni expands its presence in sectors ranging from infrastructure to renewable energy, both parties anticipate strengthened economic cooperation and sustainable development initiatives across the Philippines. This partnership signifies a step towards leveraging renewable energy resources and fostering economic growth in the region.

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