The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) remains an appealing focal point for both domestic and foreign investments, as emphasized by Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Minister at the Prime Minister’s Office and Minister of Finance and Economy II. He made this declaration during the launch of the BIMP-EAGA Trade Convention 2023 (BETCON 23) held at Bridex Hall, Jerudong.
The minister reported a noteworthy surge in foreign direct investments in the sub-region, totaling USD19.9 billion in 2022, marking a substantial 46.7% increase compared to 2021. Simultaneously, domestic investments in 2022 amounted to USD8.7 billion, reflecting a notable 19.3% growth over the previous year.
Regarding tourism, the minister expressed optimism, highlighting a complete recovery, with tourist arrivals skyrocketing by 137.3%, reaching 114.8 million in 2022, compared to 48.4 million in 2021.
Additionally, the minister pointed out a significant increase in priority infrastructure projects within the sub-region, with the number of such projects rising from 57 in 2017 to 129 in 2023, with a collective investment of USD38.87 billion. These projects encompass a wide range of areas, including road, maritime, and aviation infrastructure, information and communication technology, as well as power interconnections.
Furthermore, the minister emphasized an improvement in the sub-region’s trade balance, which increased from USD70.2 billion in 2021 to USD84.8 billion in 2022.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew expressed his confidence in BETCON23 as a strategic platform for businesses to connect, showcase their products and services, and explore potential opportunities that can further enhance cooperation toward realizing the BIMP-EAGA Vision 2025 (BEV 2025).
The event was inaugurated by the minister, alongside Dr. Rizal Edwin, Senior Advisor to the Coordinating Minister of Economic Affairs in Indonesia; Dato Hajah Hanifah Hajar Taib, Deputy Minister of Economy in Malaysia; Secretary Maria Belen S Acosta, Cese, Chairperson of the Mindanao Development Authority; and Pengiran Dr Haji Haris bin Pengiran Duraman, Chairman of the BIMP-EAGA Business Council (BEBC) in Brunei, who also holds the position of this year’s BEBC Chair.
Signing of Agreements
The ceremony featured the signing of several memoranda of agreement (MoA) and memoranda of understanding (MoU) between various companies and organizations. MoAs were inked by PT Sterily Halal International with Riza Fudhlana Farming, as well as Hong Xin Food Sdn Bhd with Hui Huang Enterprise. MoUs were formalized between Sahamada Corporation Sdn Bhd and RNF Trading; Life Water Marketing Sdn Bhd, JS Jaya Sdn Bhd, and Syarikat Perniagaan Muneera among themselves; the Federation of Brunei Malay Entrepreneurs (PPPMB) with the Palawan Economic Development Council; El-Abqari Travel Tours Sdn Bhd with LDA Labuan Holding Travel and Tours; and BEBC with Gallop Air.
BETCON23 is being organized by the BEBC and has received endorsement from the Ministry of Finance and Economy. The event has also received support from the Brunei Economic Development Board & Muara Port Company Sdn Bhd. The event will conclude on October 29th at 6 p.m.
The 26th BIMP-EAGA Ministerial Meeting
The trade convention is being conducted concurrently with the 26th BIMP-EAGA Ministerial Meeting and its associated gatherings.
These meetings were attended by ministers, governors, and high-ranking officials representing the BIMP-EAGA sub-region, along with delegates from the Asian Development Bank and the ASEAN Secretariat.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew presided over the 26th BIMP-EAGA Ministerial Meeting and Ministers’ Retreat.
In his opening remarks, the minister emphasized the necessity of adapting the BIMP-EAGA strategic plan and policies to align with regional and global trends, highlighting the importance of enhancing cooperation and reiterating commitments to achieve the BEV 2025.
During the ministerial meeting, attention was given to the outcomes of the 31st Senior Official Meeting regarding the implementation of ongoing projects. This included a review of the MoU related to land and sea to ensure its alignment with the latest developments, as well as efforts to strengthen collaboration with development partners.
Furthermore, the ministers expressed their satisfaction with the initial findings of a study assessing the BIMP-EAGA Economic Corridors and the joint BIMP-EAGA and Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Blue Economy Strategy for 2030. They also witnessed the signing of the Letter of Intent (LOI) for the One Borneo Quarantine Initiative.
The meeting also acknowledged the recommendations put forth during the 5th Chief Ministers, Governors, and Local Government Forum (CMGLF). These recommendations included creating a conducive environment for business development and promoting intra- and extra-EAGA trade and investments, strengthening public-private partnerships, sharing best practices in local governance, and establishing EAGA-wide twinning agreements to enhance people-to-people connectivity and other socio-economic activities.
