Sweden and the Philippines signed a memorandum of understanding on export financing and development cooperation.
This MOU will enable Swedish grants and export credits for projects in the Philippines, the Embassy of Sweden in Manila said in a statement on November 22.
“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 memorandum of understanding on export financing represents yet another step in the deepening of cooperation between Sweden and the Philippines,” said
Andreas Carlson, Swedish Minister for Infrastructure and Housing.
The Philippines was represented by Finance Secretary Ralph Recto.
The signing was witnessed by Marcus Wallenberg, a pioneering banker and industrialist whose contributions span various sectors, including banking, industry, and research.
Some of the most important holdings present in the Philippines are ABB, AstraZeneca, Atlas Copco, Electrolux, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab AB and SKF. It is Wallenberg’s second visit to Manila this year.
“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 Recto.
“With this partnership, the Philippines will have a greater opportunity to invest in more projects that matter most to our people,” he added.
Carlson and Wallenberg also held talks with Trade Acting Secretary Ma. Cristina Roque and explored trade and investment partnerships between the two countries.
Carlson and Wallenberg met with several business leaders in the country to explore partnerships in areas such as transportation, digitalization, health, and responsible mining.
Joined by a business delegation, Minister 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.
