DAVAO CITY – The Mindanao Development Authority sealed five strategic memoranda of understanding with leading South Korean companies during a recent business forum in the East Asian state.

MinDA Secretary Leo Tereso Magno said Thursday the agreements aim to accelerate renewable energy adoption and bolster Mindanao’s energy security while creating opportunities across diverse sectors.

The MOUs cover traffic and safety solutions, water treatment and disaster prevention technologies, environmental consulting, solar power generation, and nickel processing and industrial development.

“President Ferdinand (R.) Marcos Jr. has given us clear instructions in government: to provide assistance to all interested investors, not to give them red tape, but a red carpet,” Magno said in an interview.

Philippine Ambassador‑Designate to South Korea Bernadette Therese Fernandez highlighted strong bilateral ties, noting that South Korea is the Philippines' fourth-largest trading partner with total trade reaching USD9.89 billion in 2024. It also remains the top source of foreign tourists.

Magno reiterated the administration’s directive to streamline processes and reduce barriers for international partners.