EU nations see prospects in Luzon Economic Corridor

MANILA, Philippines — European countries have expressed interest to take part in the development of the Luzon Economic Corridor, according to the country’s economic czar.

“European countries are now wanting to join in on this project, the Luzon Economic Corridor,” Special Assistant to the President for Investment and Economic Affairs Frederick Go said during the Economic Journalists Association of the Philippines - San Miguel Corp. Economic Forum yesterday.

He told reporters that the UK and a few countries from the European Union want to take part in the development of the corridor through investments by their governments and companies in the corridor.

“When we say invest in the corridor, we’re not just talking about the (Subic-Clark-Manila-Batangas) rail. We’re talking about everything that goes around it, the infra businesses,” he said.

He said the discussions on European countries’ participation in the development of the corridor are still preliminary.

He also said these countries are interested in opportunities in semiconductors, data centers, energy projects, as well as healthcare.

The Luzon Economic Corridor is being developed by the Philippines with the US and Japan, following the Trilateral Leaders’ Summit of the three countries last April.

It forms part of the Group of Seven Partnership for Global Infrastructure and Investment, which seeks to advance public and private investments in sustainable, inclusive, resilient and quality infrastructure.

Go said the Subic-Clark-Manila-Batangas railway, which has a project cost of $7 billion, has been identified as a flagship project of the Luzon Economic Corridor.

The railway is expected to enhance connectivity by linking major ports, industrial parks, special economic zones and education and employment centers.

It is also expected to streamline logistics, reduce transportation costs and promote better economic integration.