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Thursday, June 13, 2024

Philippines, US, Japan talk about Luzon Economic Corridor at IPBF

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The Philippines, United States, and Japan held inaugural discussions on the Luzon Economic Corridor on the sidelines of the recent Indo-Pacific Business Forum (IPBF), a prominent public-private event co-hosted by the Washington and Manila.

According to a statement from the US State Department, Presidential Adviser for Investment and Economic Affairs Frederick Go met with US Senior Advisor to the President for Energy and Investment Amos Hochstein and Japan Ministry of Foreign Affairs Director-General for International Cooperation Bureau Ishizuki Hideo on Tuesday, May 21.

This marked the first meeting of the Luzon Corridor Steering Committee.

The State Department said the meeting focused on promoting infrastructure investment and development along the corridor, which will link Luzon’s key economic hubs: Subic Bay, Clark, Manila, and Batangas.

“The Steering Committee aims to implement the Trilateral Leaders’ commitment in April to develop the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI) Indo-Pacific Economic Framework (IPEF) Investment Accelerator,” the statement said.

During the discussions, the partners identified priority sectors for collaboration, reviewed potential projects, and agreed to hold future meetings on a quarterly basis.

The Luzon Economic Corridor is the first PGI-IPEF economic corridor in the Indo-Pacific region.

It is designed to enhance connectivity among Subic Bay, Clark, Manila, and Batangas while facilitating strategic investments in high-impact infrastructure projects. These projects will span areas such as rail, port modernization, agribusiness, clean energy, and semiconductor supply chains and deployments.

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