Swedish Minister for Infrastructure and Housing Andreas Carlson and prominent industrialist Marcus Wallenberg visited Manila to witness the signing of a memorandum of understanding on export financing and development cooperation between Sweden and the Philippines. The visit emphasized Sweden’s commitment to long-term partnerships with the Philippines, focusing on sustainable development and digitalization.
Minister Carlson is leading the Swedish government’s efforts in transport, infrastructure, community planning, and housing.
Wallenberg, a prominent business leader and member of the influential Wallenberg family, has played a pivotal role across sectors such as banking, industry, and research. Notable Swedish companies with a presence in the Philippines under Wallenberg’s influence include ABB, AstraZeneca, Atlas Copco, Electrolux, Epiroc, Ericsson, Husqvarna, Nasdaq, Saab AB, and SKF. This visit marks Wallenberg’s second trip to Manila this year.
Minister Carlson and Mr. Wallenberg met with Finance Secretary Ralph G Recto and participated in the signing of a Memorandum of Understanding (MOU) between Sweden and the Philippines on export financing and development cooperation. This MOU will enable Swedish grants and export credits for projects in the Philippines. “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 Minister Carlson.
“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 Secretary Recto.
“With this partnership, the Philippines will have a greater opportunity to invest in more projects that matter most to our people. With this broad range of development areas, Sweden is certainly one of the Philippines’ strongest poverty-fighting allies, helping us build an inclusive economy for our citizens,” he adds.
Minister Carlson and Wallenberg also held talks with Acting Secretary Ma. Cristina Roque of the Department of Trade and Industry. They explored trade and investment partnerships between the two countries. Both sides expressed strong support for the recently re-started negotiations on a free trade agreement between the EU and the Philippines.
Jan Larsson, President and CEO, Business Sweden; Ambassador Harald Fries, Embassy of Sweden; Marcus Wallenberg, Chairman, Wallenberg Sphere; Jaime Augusto Zobel de Ayala, Chairman, Ayala Corporation;
Andreas Carlson, Swedish Minister of Infrastructure and Housing; Börje Ekholm, CEO, Ericsson; Anthony Fernandez, President and COO, First Balfour of the Lopez Holdings Corporation; Nestor Tan, President and CEO, BDO Unibank and Emil Akander, Vice President, Head of Region South and Southeast Asia, Business Sweden
Minister Carlson and Wallenberg discussed regional security issues and cooperation in the defense sector with Senior Undersecretary Irineo C. Espino of the Department of National Defense. Furthermore, Minister 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.