Latest news with #16thBIMP-EAGASummit
BusinessToday
27-05-2025
- Business
- BusinessToday
BIMP-EAGA Triples Priority Projects As Sub-Regional Cooperation Deepens
The number of priority infrastructure projects (PIPs) under the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) has tripled to 129 as of October 2023, with a combined value of US$38.87 billion. This marks a sharp increase from the 57 projects recorded in 2017 when Vision 2025 was first adopted. The BIMP-EAGA economy grew by 7.7% in 2022, with gross domestic product at current prices reaching US$392.1 billion, accounting for 18.9% of the combined GDP of the four participating countries. The sub-region covers over 60% of land area among the member states, yet accounts for only 18.8% of their population and 18.4% of the labour force. Philippines President Ferdinand Marcos Jr. highlighted these figures at the 16th BIMP-EAGA Summit, held in Kuala Lumpur, which he chaired. He emphasised that the initiative has been instrumental in reducing development disparities within the sub-region. 'These efforts have been particularly impactful in connectivity, trade and investment facilitation, as well as food and energy security,' said Marcos. Other areas showing significant progress since BIMP-EAGA's launch 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,' Marcos added. '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.' Marcos noted that this year's summit holds special significance as it commemorates eight years of progress under Vision 2025. Since 2017, cooperation among BIMP-EAGA members has delivered tangible benefits across communities in the region. 'Together, we have laid down stronger foundations for inclusive, sustainable and innovation-driven growth.' BIMP-EAGA promotes growth in trade, investment and tourism through new intra-regional shipping routes, air connectivity and power interconnection projects. Its cooperation portfolio also includes agribusiness, tourism, environmental initiatives and socio-cultural education. Also in attendance at the summit were Malaysia's Prime Minister Datuk Seri Anwar Ibrahim, the Sultan of Brunei Sultan Hassanal Bolkiah, Indonesia's President Prabowo Subianto, Malaysia's Foreign Minister Datuk Seri Mohamad Hasan, and Economy Minister Datuk Seri Rafizi Ramli. The BIMP-EAGA sub-region includes all of Brunei; Kalimantan, Sulawesi, Maluku and West Papua of Indonesia; Sabah, Sarawak and Labuan of Malaysia; and Mindanao and Palawan in the Philippines. Despite being far from national capitals, these areas are strategically close to one another, underpinning regional cooperation. Related
New Straits Times
27-05-2025
- Business
- New Straits Times
Philippines seeks stronger ties with Malaysia ahead of Asean 2026
KUALA LUMPUR: The Philippines is seeking to strengthen its longstanding ties with Malaysia by identifying new areas of cooperation — not only in trade, but also in investment and tourism. Its signing minister for the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) Leo Tereso A. Magno said the country had been actively working to enhance trade relations since the formation of BIMP-EAGA in 1994. "Our President, Ferdinand Romualdez Marcos Jr., will assume the Asean chair, and the Philippines will host the Asean Summit in 2026. With regard to improving trade, we have been continuously working on that. "We hope the strong and friendly relations between Malaysia and the Philippines will not only persist but deepen. This includes identifying specific areas for cooperation between our two nations," he said when met on the sidelines of the summit today. Magno, who is also chairperson of the Mindanao Development Authority (MinDA), said that each Asean Summit carried considerable significance — particularly given current global trade tensions, including tariff issues involving the United States. "In my view, it is crucial to discuss matters that affect the global community. I believe Asean provides a platform for member countries to engage in meaningful dialogue on issues impacting all 11 nations," he said. When asked about Malaysia's hosting of this year's Asean Summit, Magno commended the Malaysian government and expressed gratitude for its effective organisation of the event. The 16th BIMP-EAGA Summit, held this morning, aims to enhance collaboration, foster innovative strategies, and reinforce political commitment to initiatives that directly benefit the people of the region. Chaired by President Marcos, this year's summit holds added significance as it marks tangible progress made since the introduction of Vision 2025.
Borneo Post
27-05-2025
- Business
- Borneo Post
Marcos Jr: BIMP-EAGA fuels trade, investment, and energy growth
Marcos Jr arrives at the Kuala Lumpur Convention Centre today to chair the 16th BIMP-EAGA Summit. — Bernama photo 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
Barnama
27-05-2025
- Business
- Barnama
BIMP-EAGA Fuels Trade, Investment And Energy Growth
Prime Minister Datuk Seri Anwar Ibrahim (sixth, left) at the 16th Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit at at the Kuala Lumpur Convention Centre today. Also present are Sultan of Brunei Sultan Hassanal Bolkiah (fourth, left), Indonesiaâs President Prabowo Subianto (fifth, left), and Philippine President Ferdinand Marcos Jr (seventh, left). --fotoBERNAMA (2025) COPYRIGHT RESERVED By Karina Imran & Anas Abu Hassan KUALA LUMPUR, May 27 (Bernama) -- 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.'
New Straits Times
27-05-2025
- Business
- New Straits Times
BIMP-EAGA fuels trade, investment and energy growth: Marcos Jr
KUALA LUMPUR: 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.
