Tunis:President Ferdinand R. Marcos Jr. has expressed enthusiasm for the US-led Pax Silica initiative planned for Central Luzon, highlighting its potential to create opportunities for emerging industries in the region.

According to Philippines News Agency, Marcos discussed the Philippines' strategic shift towards higher value production, including semiconductor chips, during the 24th Forbes Global CEO conference. He emphasized the country's ongoing efforts to expand research and development and bolster design capabilities.

Pax Silica is envisioned as a high-tech manufacturing and innovation hub, part of the Luzon Economic Corridor, aiming to elevate the Philippines' role in global supply chains. The initiative focuses on semiconductors, energy, advanced manufacturing, artificial intelligence, critical minerals, and logistics. Since joining the Pax Silica coalition in April, the Philippines has become part of a group of 24 signatory countries, with Taiwan as a non-signatory participant.

The initiative is projected to attract up to USD70 billion in investments and create 190,000 high-quality jobs for Filipinos. It serves as a framework for international cooperation, facilitating access to advanced technologies and fostering stronger partnerships.

President Marcos also highlighted the government's efforts to reform business processes to attract foreign investment and remain competitive in new technologies. He noted improvements in the ease of doing business and the relaxation of foreign ownership restrictions in key industries. Marcos praised the country's young, well-trained, and English-speaking workforce as a significant asset in these efforts.