Rep. Image | Courtesy: Aleksandar Pasaric @ Pexels
The UAE Ministry of Investment and the Department of Trade and Industry of the Philippines have signed a Memorandum of Understanding (MoU) in order to pave 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.
According to the statement, “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 robust, rapidly growing ecosystem in this sector.”
Mohamed Hassan Al Suwaidi UAE Minister of Investment
“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 toward 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.”
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.
As per the statement, 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, marking a 19.4 percent increase compared to the corresponding period last year.
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