Department of Trade and Industry (DTI) secretary Fred Pascual signed on Thursday, Nov. 30, a memorandum of understanding (MOU) with the United Arab Emirates (UAE) Ministry of Investment in Abu Dhabi to bolster economic alliances in digital infrastructure development.
Pascual outlined initiatives in the MOU aimed at advancing the Philippine digital economy, particularly through the development of high-capacity data center projects within the country.
“This MOU serves as a framework for a stronger alliance of both countries in strengthening bilateral ties, particularly in the digital infrastructure sector 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,” Pascual stressed.
The DTI said the data center projects to be developed under the MOU is set to reach a total capacity of up to 500 megawatts.
He also added that a key aspect of the agreement is focused on building relationships among public and private sector organizations in the UAE and the Philippines. Further, he emphasized that the MOU will facilitate knowledge sharing and provide incentives for relevant initiatives.
Pascual also underscored that the agreement is founded on the growing economic ties with the UAE. He cited a substantial increase in trade figures, reaching $506.1 million in the first half of 2023, showcasing a robust 19.4-percent growth compared to the previous year.
Highlighting the pivotal role of this MOU in setting the stage for a future-ready Philippines, Pascual stressed, “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.”
