The Philippines has partnered with the United Arab Emirates to advance the country's digital economy, particularly through the development of up to 500 megawatts worth of high capacity data center projects, according to the Department of Trade and Industry.
DTI Secretary Alfredo Pascual inked a memorandum of understanding (MOU) with UAE Minister of Investment Mohamed Hassan Alsuwaidi to bolster economic alliances in digital infrastructure development.
Pascual said the agreement aims to advance the country's digital economy, particularly through the development of high capacity data center projects.
'This MOU serves as a framework for a stronger alliance of both countries in strengthening bilateral ties, particularly in the digital infrastructure sector,' Pascual said.
'Through the development of these centers, the Philippines is poised to thrive further in the global digital economy as these will be critical for storing essential data and running applications aligned with the country's vision of a robust growth in the digital ecosystem,' he added.
According to the Trade secretary, the data center projects to be developed under the partnership would reach a total capacity of up to 500 megawatts.
He said a key aspect of the agreement is focused on building relationships among public and private sector organizations in the UAE and the Philippines.
Furthermore, the partnership would facilitate knowledge sharing and provide incentives for relevant initiatives.
'This transformative alliance exemplifies the country's unwavering commitment to embracing innovation and fostering sustainable economic growth to facilitate the integration of the Philippines' digital infrastructure into the global digital economy,' Pascual said.
He noted that the agreement is founded on the growing economic ties with the UAE.
Pascual recently called UAE investors to view the Philippines as an ideal investment destination as he pitched opportunities in the country.
'The Philippines is moving toward robust economic expansion. Vital to our government's efforts is engaging investors - like many of you - so we encourage you to consider and find the Philippines a place where your businesses can grow and thrive,' Pascual said during the Philippines and United Arab Emirates Forum and Networking held at the Shangri-La Hotel, Bonifacio Global City.
Pascual said that under the current administration, the Philippines is poised to transition to an investment-led economy that would generate higher quality and better-paying jobs for Filipinos.
He also outlined the current administration's whole-of-government approach to streamline foreign investments in the country.
The Trade chief also announced the upcoming visit of President Marcos to the UAE in December, with the goal of strengthening ties between the two nations.
He shared that President Marcos' visit would underscore the Philippines' commitment to address global challenges, particularly climate change, that could pave the way for a sustainable and resilient economic cooperation.
For his part, the UAE minister of investment recognized the rapid digital adoption in the Philippines, resilient infrastructure and strategic market proximity, which is set to accelerate the ongoing digital expansion of UAE.
Also during the forum, two more MOUs were signed between the Federation of UAE Chambers of Commerce and Industry (FCCI) and the Philippine Chamber of Commerce and Industry (PCCI).
The MOUs were signed by FCCI vice chairman Abdulla Sultan Al Owais and PCCI president George Barcelon following a strengthened desire of the private sector to pursue business opportunities in the country.
'The potential for collaboration between Filipino and UAE companies is immense, and we eagerly anticipate the fruitful partnerships that can emerge from our shared efforts. Together, we can make it happen in the Philippines - fostering growth, innovation, and prosperity for both our nations,' Pascual said.
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