He UAE Ministry of Investment and the Philippine Department of Trade and Industry signed a Memorandum of Understanding (MoU) paving the way for investments that will help boost the digital economy.
The agreement creates a framework for investment cooperation in the digital infrastructure sector, with a focus on data centers. As physical facilities that organizations use to store critical data and run applications, data centers are vital parts of the digital economy infrastructure. Recognized as one of the emerging data center markets worldwide, the Philippines offers a strong and rapidly growing ecosystem in this sector.
The data center projects to be developed under the MoU can reach a total capacity of up to 500 megawatts. To ensure close and impactful collaboration, a key aspect of the agreement is to build relationships between public and private sector organizations in the United Arab Emirates and the Philippines. The MoU also suggests introducing incentives for relevant initiatives and will facilitate knowledge sharing.
The MoU was signed by Mohamed Hassan Alsuwaidi, Minister of Investment of the United Arab Emirates, and Alfredo E. Pascual, Secretary of the Department of Trade and Industry of the Philippines.
Commenting on the agreement, Mohamed Hassan Alsuwaidisaying,
“The MoU reflects our commitment to strengthening bilateral ties and laying the foundation for collaboration in the digital infrastructure sector. It serves as a blueprint for a future in which we harness advanced technology to benefit our societies and economies, propelling us toward shared prosperity. “This agreement with the Philippines, one of the fastest growing economies in Asia with rapid digital adoption, strong infrastructure and strategic market proximity, will accelerate the UAE’s ongoing digital transformation.”
The signing of the MoU agreement comes against the backdrop of flourishing trade between the two countries. According to recent figures, trade reached $506.1 million in the first half of 2023, an increase of 19.4 percent compared to the corresponding period last year. The momentum seen in 2022, when non-oil trade surpassed $1.8 billion, underscores the strong economic ties and collaboration between the two nations.
News source: Emirates News Agency