DTI backs development of econ corridor in Asia

MANILA, Philippines - The Department of Trade and Industry (DTI) is supporting the development of an economic corridor in Asia, saying such progress would enhance sub-regional cooperation programs and further ensure inclusive growth.

“The development of an economic corridor is more than just defining geographic interrelation, but more on establishing connectivity among the region to maximize effective use of economic geography towards inclusive growth and comprehensive economic accessibility among the region,” DTI Undersecretary Prudencio Reyes Jr. said.

According to the Asian Development Bank (ADB), the economic corridor aims to develop a highly efficient transport system that allows goods and people to move around a sub-region without excessive cost or delay.

“This is expected to translate to further economic growth and regional development, and thus contribute to poverty reduction. The development of economic corridors has proven to be a holistic strategy which improves the quality and reach of intraregional infrastructure, benefiting both a sub-region and the individual economies under it,” the ADB said.

The DTI said it participated in a recent joint training on economic development for competitive and inclusive Asia sponsored and organized by the ADB.

The DTI said ADB prompted the cooperation initiative to assist its developing member countries in boosting opportunities and mitigating the risks brought about by globalization through promoting regional cooperation and integration.

Through lectures, cross-cultural exchanges, case studies and field visits in the economic corridors, the DTI said the training sought to develop a comprehensive understanding on economic development concept and a strategic action plan in formulating and implementing regional cooperation strategies.