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United States, the Philippines and Japan announced during the trilateral leaders’ summit the intent to develop the Luzon Economic Corridor as the latest economic corridor of the G7 Partnership for Global Infrastructure and Investment (PGI) and the first in the Indo-Pacific region.
The State Department will drive and coordinate implementation of the Luzon Corridor through the Office of the Special Presidential Coordinator for PGI, said an official release.
The Luzon Economic Corridor will support connectivity between Subic Bay, Clark, Manila and Batangas in the Philippines. Together, the United States, the Philippines, and Japan will accelerate coordinated investments in high-impact infrastructure projects, including rail; ports modernisation; clean energy and semiconductor supply chains and deployments; and agribusiness to further connect and drive economic growth in each hub, added the Statement Department statement.
This approach will make an outsized impact on critical industries, such as semiconductors, where reducing logistics and energy costs coupled with a favorable policy and regulatory environment can propel further growth, it further said.
The announcement of the corridor follows Secretary Antony J Blinken’s visit to Manila last month and the joint desire of the United States, the Philippines, and Japan to “elevate our economic initiatives as a central element of our robust strategic partnership”.
The United States will also seek to partner with multilateral development banks and the private sector to deploy capital and development and finance tools to support infrastructure projects across the Corridor.
