On Friday, President Ferdinand Marcos Jr. urged the Czech Republic to consider investing in the processing of critical minerals such as cobalt, copper, lithium, nickel, and rare earths within the Philippines.

Highlighting the Czech Republic’s expertise in minerals processing as particularly noteworthy, he extended an invitation to Czech companies to explore opportunities in the processing of critical minerals within the Philippines. He emphasized the importance of robust diversification plans to mitigate the risks associated with global supply chain disruptions, which have become increasingly evident in recent years.

President Marcos stressed the potential mutual benefits of such partnerships, envisioning collaborations that not only advance the interests of both nations but also contribute to broader objectives of peace, prosperity, and stability in the Indo-Pacific region and beyond.

Critical minerals play a pivotal role in the production of clean energy technologies, ranging from wind turbines to electric cars. Over the past two decades, the annual trade in energy-related critical minerals has skyrocketed from $53 billion to $378 billion, underscoring their growing significance in the global economy.