The Philippine Star
November 25, 2024 | 12:00am
MANILA, Philippines — More countries have expressed interest in engaging in the development of the Luzon Economic Corridor (LEC) aimed at enhancing economic cooperation and infrastructure development in the region.
In a joint exploratory meeting before the 3rd LEC Steering Committee meeting at Malacañang, representatives from the governments of Australia, South Korea, Sweden and the United Kingdom discussed their desire to participate in upcoming development projects and explore potential collaborations in the corridor.
The LEC, an initiative of the G7 Partnership for Global Infrastructure and Investment (PGI) that was launched during the historic Philippines-Japan-US trilateral summit early this year, is now poised for broader international collaboration.
“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,” said Special Assistant to the President for Investment and Economic Affairs Frederick Go.
South Korean Ambassador Lee Sang-hwa highlighted his country’s commitment to sustainable infrastructure investments under the Environmentally and Socially Inclusive Infrastructure Framework.
The Korean government likewise conveyed its intent to leverage its strong bilateral ties with the Philippines to enhance infrastructure development through significant financial commitments and ongoing projects, such as the Light Rail Transit, North-South Commuter Railway Project and Laguna Lakeshore Road Network.
Meanwhile, UK Ambassador Laure Beaufils underscored the role of economic resiliency in ensuring a stable Philippines. She highlighted ongoing investments in renewable energy, green infrastructure and transport.
Through the British Investment Partnership, UK’s contribution to the PGI that was launched in the Philippines on March 2023, the UK is financing sustainable development initiatives in areas of interest including clean energy, sustainable mining and technical security partnerships.
Swedish Trade Commissioner Johan Lennefalk reaffirmed Sweden’s commitment to foster inclusive economic growth through enhanced connectivity and sustainable practices. Key initiatives include a feasibility study for a freight railway project and partnerships focused on healthcare development and sustainable mining practices.
Australia’s Charge d’Affaires Dr. Moya Collet highlighted the country’s strategic focus on increasing trade and investment ties with the Philippines through ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’.
The Australian government seeks investment opportunities in food and agriculture, clean energy infrastructure, and mining sectors. Notable projects include significant investments in solar energy and offshore wind developments.
“Our goal is to understand the interests of partners along the corridor and explore potential synergies between Philippines-Japan-US efforts and their own,” Go said.
”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,” he added.
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