Trade, investment among BIMP-EAGA nations on the rise

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LABUAN, Nov 21 – Trade and investment among BIMP-EAGA member countries have been increasing annually since the sub-regional grouping, comprising Malaysia, Brunei, the Philippines and Indonesia, was established in 1994.

Chairman of BIMP-EAGA Hamzah Pahlawan Dato Seri Setia Awang Abdullah Begawan Mudim Dato Paduka Bakar said connectivity and environmental issues are BIMP-EAGA member countries’ main objectives in efforts to narrow the development gap in the sub-region.

“The four countries are promoting long-term cooperation by encouraging more private sector companies to explore potential business ventures,” he told reporters after the BIMP-EAGA Transport Ministers’ Meeting and Retreat here Thursday.

Labuan MP Datuk Rozman Isli said Labuan, being the regional oil and gas hub and financial centre, is prepared to receive investments from the BIMP-EAGA member countries.

“We hope there will be an economic spillover from the investments,” he said, adding efforts are being made to get port players to transform Labuan into a transshipment port within BIMP-EAGA.