The Department of Trade and Industry (DTI) signed on Thursday a Memorandum of Understanding (MoU) with the UAE Ministry of Investment in Abu Dhabi to strengthen economic partnerships in the advancement of digital infrastructure.
DTI Secretary Alfred Pascual led the MoU signing, detailing initiatives outlined in the MOU to propel the Philippine digital economy, with a focus on high-capacity data center projects.
He underscored that the agreement is rooted in the growing economic ties with the UAE, citing a substantial 19.4 percent growth in trade figures, reaching USD 506.1 million in the first half of 2023, compared to the previous year.
“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 said.
Under the MoU, data center projects will be developed, which is expected to reach up to 500 megawatts in total capacity.
According to the DTI chief, one significant aspect of the agreement involved developing relationships among public and private sector organizations in the UAE and the Philippines.
Furthermore, Pascual also stressed that the MoU will pave the way for knowledge exchange and offer incentives for relevant initiatives.
H.E. Mohamed Hassan Alsuwaidi, minister of Investment of the UAE, commended the MoU, recognizing the Philippines’ rapid digital adoption, resilient infrastructure, and strategic market proximity, which is poised to boost the ongoing digital expansion of UAE.
According to Alsuwaidi, the MoU plays a pivotal role in setting the stage for a future-ready Philippines.
“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,” he said.
