MANILA, Philippines – A Memorandum of Understanding (MOU) between Sweden and the Philippines was signed on Friday, with the aim of strengthening export financing and development cooperation between the two nations, the Embassy of Sweden said.
Attending the signing ceremony in Manila is Andreas Carlson, Swedish Minister for Infrastructure and Housing, and Mr. Marcus Wallenberg, a pioneering banker and industrialist.
According to the Embassy, both are in the country to “strengthen Sweden’s commitment to long-term collaborations with the Philippines, focusing on sustainable development and digitalization.”
“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,” Minister Carlson said.
“The signing of this Memorandum of Understanding on export financing represents yet another step in the deepening of cooperation between Sweden and the Philippines,” Minister Carlson added.
Philippine Finance Secretary Ralph Recto participated in the signing of the MOU, which will enable Swedish grants and export credits for projects in the Philippines.
“I am proud to take our collaboration to the next level. We entered another agreement that will enhance the economic security of Filipinos through increased access to Swedish financing for our development initiatives,” said Secretary Recto.
“With this partnership, the Philippines will have a greater opportunity to invest in more projects that matter most to our people. 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 added.
Minister Carlson and Mr. Wallenberg also held talks with Secretary Ma. Cristina Roque of the Department of Trade and Industry (DTI), the Embassy mentioned.
They 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, the Embassy added.
Minister Carlson and Mr. Wallenberg also discussed regional security issues and cooperation in the defense sector with Senior Undersecretary Irineo C. Espino of the Department of National Defense (DND).
Furthermore, Minister Carlson and Mr. Wallenberg met with several business leaders in the country to explore partnerships in areas such as transportation, digitalization, health, and responsible mining.
Finally, joined by a business delegation, Minister Carlson paid a visit to Secretary Ivan Uy of the Department of Information and Communication Technology (DICT) and discussed possibilities for cooperation on the digitalization in the Philippines, the Embassy said.
