The Department of Agriculture (DA) has signed a memorandum of understanding with the Korea Agricultural Machinery Industry Cooperative (KAMICO) to establish the Philippines’ first agricultural machinery industry complex in Cabanatuan City.
This partnership will utilize a 20-hectare site for the assembly and manufacturing of agricultural machinery such as tractors and seeders.
DA Assistant Secretary Arnel De Mesa emphasized that the initiative aims to reduce machinery costs through local production tailored to the country’s geographical conditions.
The project, expected to span ten years and include four phases, will also create jobs and attract 20 to 30 companies for assembly and research.
DA Secretary Francisco Tiu Laurel Jr. plans to visit South Korea in November to finalize additional agreements related to this initiative, which follows a prior agreement made in June 2023.
Source: PhilNews24 | October 10, 2024
