UAE And Philippines Sign Mou To Boost Digital Infrastructure Collaboration
Date
11/30/2023 7:06:51 PM
(MENAFN- Mid-East)
Agreement set to facilitate the development of data center projects with a total capacity of up to 500 megawatts in the Philippines. Signing of MoU set against the backdrop of flourishing trade between the two nations.
Abu Dhabi, UAE– The Ministry of investment of the UAE and the Department of Trade and industry of the Philippines signed a Memorandum of Understanding (MoU) paving the way for investments that will help drive the digital economy.
The agreement creates a framework for investment cooperation in the digital infrastructure sector, with a special 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 offer a robust, rapidly growing ecosystem in this sector.
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 building relationships among public and private sector organizations in the UAE and the Philippines. The MoU also suggests the introduction of incentives for relevant initiatives and will facilitate knowledge sharing.
The MoU was signed by H.E. Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, and H.E. Alfredo E. Pascual, Secretary of Department of Trade and Industry of the Philippines.
Commenting on the agreement, H.E. Mohamed Hassan Alsuwaidi, Minister of Investment of the UAE, said:“The MoU reflects our commitment to strengthening bilateral ties and setting the stage for collaboration in the digital infrastructure sector. It serves as a blueprint for a future where we leverage advanced technology for the benefit of our societies and economies, driving us towards shared prosperity. This agreement with the Philippines, one of the fastest growing economies in Asia with rapid digital adoption, robust infrastructure and strategic market proximity, is set to accelerate the ongoing digital transformation of the UAE.”
The signing of the MoU agreement comes against the backdrop of flourishing trade between the two countries. According to recent figures, trade reached USD 506.1 million in the first half of 2023, marking a 19.4 percent increase compared to the corresponding period last year. The momentum observed in 2022, where non-oil trade surpassed USD 1.8 billion, underscores the robust economic ties and collaboration between the two nations.
About the Ministry of Investment of the UAE:
Established in July 2023, the Ministry of Investment aims to accelerate foreign direct investment into the country and further strengthen the UAE's position as a globally leading investor.
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