MORE COUNTRIES EXPRESSED INTEREST ON LUZON ECONOMIC CORRIDOR

The LCE is the first PGI economic corridor in the Indo-pacific region where more countries are eyeing to take part on projects at the corridor (Photo courtesy of GMA Integrated News)

Several countries have expressed their desire to participate in projects in the Luzon Economic Corridor (LEC) which seeks to enhance economic connectivity, opportunities and infrastructure development in the region.

The LEC aims to connect Subic Bay, Clark, Manila, and Batangas with high-impact infrastructure projects including ports and railways. It is a partnership with the United States and Japan, which was announced during the Trilateral Leaders’ Summit in Washington DC in April.

The LEC is an initiative of the G7 Partnership for Global Infrastructure and Investment (PGI) and is now poised for broader international collaboration.

According to a report, representatives from the governments of Australia, South Korea, Sweden, and the United Kingdom have expressed possible partnerships in the LEC. 

Australian Charge d’Affaires Moya Collet said their country is set to invest over P20 billion cited focus on increasing trade and investment ties with the Philippines, to assist the country in achieving its development goals in the next five years.

Korean Ambassador to the Philippines Lee Sang-Hwa likewise conveyed its commitment on sustainable infrastructure investments, along with the partnerships involving the Light Rail Transit, the North-South Commuter Railway Project, and the Laguna Lakeshore Road Network.

Meanwhile, Sweden Trade Commissioner Johan Lennefalk reaffirmed Sweden’s commitment to foster inclusive economic growth, and initiatives including the feasibility study for a freight railway project, and projects on healthcare and mining.

Also, Ambassador of the United Kingdom to the Philippines Laure Beaufils highlighted ongoing investments in renewable energy, green infrastructure and transport. Along with the financing of sustainable development initiatives in mining and technical security partnerships.

Special Assistant to the President for Investment and Economic Affairs Frederick Go stated, “The LEC, which is the first of its kind in the Indo-Pacific Region, has been gaining ground and receiving strong support from its partners. We are happy that several other countries have signified their desire to contribute to the development of the Corridor.”

“The commitment from these like-minded partners signals a robust future for the LEC, promising enhanced infrastructure, sustainable development, and strengthened economic ties across borders,” Go added.

Source: Philippine Star 

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