East ASEAN Growth Area’s potentials discussed
Opportunities for the East ASEAN Growth Area were discussed at the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit recently held in Nanning, China.
A flower street in the Philippines. Further cooperation in tourism was promoted at the (BIMP-EAGA) Summit recently held in Nanning, the capital of Southwest China’s Guangxi Zhuang autonomous region. (Photo: VNA)
Hanoi (VNA) – Opportunities for the East ASEAN Growth Area were discussed at the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit recently held in Nanning, the capital of Southwest China’s Guangxi Zhuang autonomous region.
The event, drawing 200 representatives from China, Brunei, Indonesia, Malaysia and the Philippines, was held as part of the 14th China-ASEAN Business and Investment Summit.
The EAGA was launched in 1994 as a cooperation initiative by the four BIMP-EAGA nations: Brunei, Indonesia, Malaysia and the Philippines to accelerate economic development in areas far from their national capitals through economic support and resource and market sharing.
EAGA chairman Datu Abul Khayr Alonto called for further cooperation in tourism, food, culture and education and the establishment of partnership relations with large economies like China.
China has been a development partner of the region since 2005. Both sides have deepened cooperation activities, as during 2005-2016, the two sides enjoyed a surge of 62 percent in bilateral trade.
Total investment in the EAGA has grown on average 31.4 percent annually in recent years, with foreign direct investment (FDI) making up more than 70 percent of the investment.
Head of the FDI Action and Support Centre of Brunei Hji Norul Hasanah Hj Hassanol Asshari detailed the investment climate of the region at the event, while hoping more foreign capital will create local jobs and business opportunities for micro enterprises.
Experts expressed high hopes for the tourism sector in the area.
Minister of Tourism, Arts, Culture, Youth and Sports of Sarawak state (Malaysia) Datuk Abdul Karim Rahman Hamzah wished more foreign businesses would invest in tourism, promote tourism resources and build infrastructure for the EAGA.-VNA
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