Daily TribuneEmirati officials lauded the MOU, recognizing the Philippines’ rapid digital adoption, resilient infrastructure, and strategic market proximity which is set to accelerate the ongoing digital expansion of the UAE.
Photograph courtesy of DTI Trade Secretary Fred Pascual signs a memorandum of understanding with the United Arab Emirates Ministry of Investment in Abu Dhabi to bolster economic alliances in digital infrastructure development.
Trade and Industry Secretary Alfredo Pascual on Thursday sealed a Memorandum of Understanding with his Emirati counterpart in Abu Dhabi to strengthen economic alliances, particularly in the digital infrastructure development.
Pascual said he signed the MOU with United Arab Emirates Ministry of Investment chief, Mohamed Hassan Alsuwaidi to outline 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," he said in a statement on Friday.
Without the Chief Executive
Pascual was part of the official group of President Ferdinand Marcos Jr.'s trip to Dubai for the COP28 conference; the President canceled at the last minute but Pascual and other official delegates were asked to go on with the trip, allowing Pascual to deal with the United Arab Emirates officials without the Chief Executive.
Further, the DTI chief highlighted that the data center projects to be developed under the MOU are 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, emphasizing that the MOU will facilitate knowledge sharing and provide incentives for relevant initiatives.
The trade and industry chief also underscored that the agreement is founded on the growing economic ties with the UAE, which increased substantially during the first half of 2023, reaching $506.1 million, or an increase of 19.4 percent compared to the previous year.
Cognizant of rapid digital adoption
For his part, Minister Alsuwaidi lauded the MOU, recognizing the Philippines' rapid digital adoption, resilient infrastructure, and strategic market proximity which is set to accelerate the ongoing digital expansion of the UAE.
"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.
It can be recalled that on Thursday, the Swiss-based IMD Competitive Center of the IMD Business School reported that out of 64 countries, the Philippines slid further to 59th this year from its 2022 record of 56th in the 2023 World Digital Competitiveness Ranking or WDCR.
The WDCR provides a glimpse at how 64 countries are approaching digital transformation in the age of artificial intelligence.
On the other hand, the Philippines ranks 51st in the technology factor, securing 63rd place in the segment of knowledge factor, while the country ranked 59th in terms of the future readiness factor.
