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HomeBreaking NewsPEZA signs deal with Korean electric vehicle maker

PEZA signs deal with Korean electric vehicle maker

  • The Philippine Economic Zone Authority has signed an MOU with South Korean-based ENPlus Co. Ltd.
  • ENPlus will invest P5 billion to operate facilities and manufacture electric vehicles
  • It will be the first EV manufacturer to register with PEZA and avail of special incentives for pioneering projects
  • The company will manufacture and supply electric cars and electric jeepneys in its facilities to be located in Pulupandan, Negros Occidental
  • PEZA will provide a 30-hectare land to link prospect industries to ENPlus

The Philippine Economic Zone Authority (PEZA) has signed a memorandum of understanding with South Korean-based ENPlus Co. Ltd., with the latter investing P5 billion to operate facilities and manufacture electric vehicles (EV) in the Philippines.

PEZA director general Charito Plaza and ENPlus chairman and chief executive officer Young Yong Ahn on on October 21 signed the MOU on joint ventures in the provision and manufacture of fuel-saving EVs in economic zones.

“ENPlus will be our first electronic vehicle manufacturer to be registered under PEZA where they can avail [of] special incentives for pioneering projects,” Plaza said in a statement.

ENPlus will manufacture electric cars and electric jeepneys in its facilities to be located in Pulupandan, Negros Occidental.

“Using EVs [is] better for our environment as they emit fewer greenhouse gases and air pollutants than vehicles using petrol or diesel. In the global context, electric cars have yet to be mainstreamed,” Plaza noted.

Ahn said that with the MOU, ENPlus “would like to expand our business in your country to manufacture environment and energy-friendly vehicles starting with your jeepneys since they are the most popular mode of transportation in your country.”

PEZA will provide a 30-hectare land to link prospect industries to ENPlus for joint investment ventures and other related agreements on eligible projects in PEZA.

Under the MOU, PEZA and ENPlus will also strengthen cooperation in business matchmaking, conducting special briefings, and holding roundtable discussions.

ENPlus, formerly NanoMedics Co Ltd., is a South Korean-based company mainly engaged in the manufacture of fire trucks and firefighting products.

Last year it supplied more than 100 pump trucks, water trunks, aerial ladders and rescue trucks to the country. The company also donated a fire truck and plans to donate ambulances to PEZA which it will ship out next month.

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