The Philippines entered another agreement that will enhance the economic security of Filipinos through increased access to Swedish financing for the country’s development initiatives.

This, as a high-level Swedish delegation recently visited Manila, strengthening Sweden’s commitment to long-term collaborations with the Philippines, focusing on sustainable development and digitalization.

Swedish Minister for Infrastructure and Housing Andreas Carlson and pioneering banker and industrialist Marcus Wallenberg met with Finance Secretary Ralph Recto over the signing of a memorandum of understanding between two countries on export financing and development cooperation.

The MoU will enable Swedish grants and export credits for projects in the Philippines.

Carlson is leading the Swedish government’s efforts in transport, infrastructure, community planning and housing.

Meanwhile, Wallenberg, a prominent Swedish business leader and a member of the influential Wallenberg family, shared his contributions that span various sectors, including banking, industry and research.

It is Wallenberg’s second visit to Manila this year.

Some of the most important Swedish holdings present in the Philippines are ABB, AstraZeneca, Atlas Copco, Electrolux, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab AB and SKF.

“Sweden is committed to further increase its bilateral relationship with the Philippines, not least given the governments Focus Asia strategy. The economic and strategic links between our regions are undeniable. The signing of this MoU on export financing represents yet another step in the deepening of cooperation between Sweden and the Philippines,” Carlson said.

“With this broad range of development areas, Sweden is certainly one of the Philippines’ strongest poverty-fighting allies, helping us build an inclusive economy for our citizens,” he adds.

They cohort also explored trade and investment partnerships between the two countries. Both sides expressed strong support for the recently re-started negotiations on a free trade agreement between the EU and the Philippines.

Carlson and Wallenberg discussed regional security issues and cooperation in the defense sector and met with several business leaders in the country to explore partnerships in areas such as transportation, digitalization, health and responsible mining.

Carlson paid a visit to Secretary Ivan Uy of the Department of Information and Communication Technology and discussed possibilities for cooperation on the digitalization in the Philippines.

Sweden has had diplomatic relations with the Philippines since 1947.