Seeking to harness the expertise of the Czech Republic in minerals processing, President Ferdinand R. Marcos Jr. invited Czech companies to invest in the processing of the country’s critical minerals to mitigate the risks of global supply chain disruptions.

Speaking during the Czech-Philippines Business Forum in Prague on Friday, President Marcos said he looks forward to the signing of Memoranda of Understanding that will mark a significant milestone in the journey towards mutual prosperity.

“Furthermore, today’s agreements also signify a very exciting step forward. They embody our commitment to complement our strengths and explore new avenues of cooperation. The expertise of the Czech Republic in minerals processing is of particular interest to us,” Marcos told forum participants.

“Hence, we invite Czech companies to invest in the processing of our critical minerals, offering a robust diversification plan that can mitigate the risks of global supply chain disruptions as we have seen in the recent years,” he said.

Critical minerals include cobalt coper lithium, nickel, and rare earths. They play a crucial role in the production of clean energy technologies, from wind turbines to electric cars.

Over the past 20 years, annual trade in energy-related critical minerals has increased from US$53 billion to US$378 billion.

He also sought in his address the support of the Czech Republic for the resumption of the Philippine-EU Free Trade Agreement (FTA) negotiations and will anticipate welcoming Czech companies to further discussions and potential industry cooperation during the upcoming Joint Committee on Economic Cooperation this July.

The gathering will be an important opportunity to deepen the two nation’s dialogue, to explore new partnerships, and to foster an environment conducive to business and investment.

“So, let us embrace this forum as a starting point for a journey filled with opportunities, challenges, but also triumphs,” President Marcos said. PND