Marcos Jr: BIMP-EAGA fuels trade, investment, and energy growth
KUALA LUMPUR (May 27): The joint initiatives under the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) have played a vital role in narrowing the development gap within the sub-region.
These efforts have been particularly impactful in connectivity, trade and investment facilitation, as well as food and energy security, said Philippines President Ferdinand Marcos Jr.
Other areas that have seen significant progress since BIMP-EAGA was launched in 1994 include ecotourism and green development, he said.
'As we convene today, let us take this opportunity not only to celebrate these milestones but also to affirm our shared vision for a more integrated, prosperous, and resilient BIMP-EAGA.
'The path ahead calls for even greater synergy, innovation, and political will. I am confident that through our cooperation, we will continue to transform these aspirations into a lasting impact for our people,' said Marcos, who chaired the 16th BIMP-EAGA Summit held here today.
Also present were Malaysia Prime Minister Datuk Seri Anwar Ibrahim, Sultan of Brunei Sultan Hassanal Bolkiah, and Indonesia President Prabowo Subianto.
He noted that the 46th Asean Summit this year in Kuala Lumpur holds special significance, as it marks eight years of progress since the adoption of Vision 2025.
Cooperation among BIMP-EAGA members has deepened since 2017, yielding tangible benefits for communities across the region, he said, adding: 'Together, we have laid down stronger foundations for inclusive, sustainable and innovation-driven growth.'
BIMP-EAGA, he said, has reinforced the commitment to continuously narrow the development gap in the sub-region.
The BIMP-EAGA initiative boosts growth in trade, investment, and tourism through new intra-regional shipping routes and air links, as well as power interconnection projects. Other key areas of cooperation include agribusiness, tourism, the environment and socio-cultural education.
According to its website, the sub-region covers all of Brunei; the provinces of Kalimantan, Sulawesi, Maluku and West Papua of Indonesia; Malaysia's Sabah, Sarawak, and Labuan; and, for the Philippines, the island of Mindanao and the province of Palawan.
These areas are geographically distant from national capitals, yet strategically close to one another. They account for over 60 per cent of the land area of the BIMP-EAGA countries, yet make up about 18.8 per cent of the total population and 18.4 per cent of the labour force.
BIMP-EAGA's economy grew by 7.7 per cent in 2022. Its gross domestic product (GDP) at current prices was valued at US$392.1 billion (US$1 = RM4.24), accounting for 18.9 per cent of the combined GDP of the four countries.
As of October 2023, the number of priority infrastructure projects (PIPs) under BIMP-EAGA had tripled to 129, amounting to US$38.87 billion, up from only 57 projects in 2017 when BIMP-EAGA Vision 2025 was adopted. — Bernama 16th BIMP-EAGA Summit Ferdinand Marcos Jr
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