Sweden, Philippines bolster ties with MOU on export financing and development cooperation

Sweden and the Philippines have taken a significant step toward deepening their partnership with the signing of a Memorandum of Understanding (MOU) on export financing and development cooperation. Swedish Minister for Infrastructure and Housing Andreas Carlson and prominent industrialist Marcus Wallenberg joined Philippine Finance Secretary Ralph G. Recto for the signing in Manila.  

The MOU facilitates Swedish grants and export credits for Philippine projects, aiming to enhance economic development and bilateral cooperation. "Sweden is committed to strengthening its ties with the Philippines, especially within the framework of our Focus Asia strategy," Minister Carlson said, emphasizing the growing links between the two regions.  

Secretary Recto highlighted the agreement's potential to fund impactful initiatives. "This partnership enables the Philippines to access Swedish financing for critical development projects, fostering economic security and inclusivity for our citizens," he noted.  

Carlson and Wallenberg also engaged in high-level discussions with Philippine officials, exploring opportunities in trade, digitalization, health, transportation, and defense. Talks included the potential benefits of a resumed EU-Philippines Free Trade Agreement and collaborations in responsible mining and regional security.  

As part of their Manila visit, Carlson and Wallenberg met with business leaders and joined a Swedish delegation for discussions with DICT Secretary Ivan Uy on advancing digitalization in the Philippines.  

Sweden’s embassy in Manila reaffirmed its commitment to strengthening relations, which have spanned over seven decades, focusing on trade, investment, and security partnerships.