The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) continues to be an attractive hub for foreign and domestic investments, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah at the launch of BIMP-EAGA Trade Convention 2023 (BETCON 23) at Bridex Hall, Jerudong.
The minister said the sub-region saw foreign direct investments in 2022 rose to USD19.9 billion, a 46.7 per cent increase from 2021. Meanwhile, domestic investments grew to USD8.7 billion in 2022, an increase of 19.3 per cent compared to 2021.
“Tourism is showing full recovery, with arrivals increasing by 137.3 per cent to 114.8 million in 2022 from 48.4 million in 2021,” said the minister.
The minister said there is an increase in priority infrastructure projects, from 57 in 2017 to 129 in 2023, amounting to USD38.87 billion. These projects include road, sea and airports, infocommunications and technology infrastructure and power interconnections.
The minister also noted an improvement in the sub-region’s trade balance, from USD70.2 billion to USD84.8 billion from 2021 to 2022.
“With all these positive developments in BIMP-EAGA, I believe that BETCON23 is the right platform for our businesses to network, promote their products and services, and explore potential business opportunities that will further boost cooperation towards achieving the BIMP-EAGA Vision 2025 (BEV 2025),” said Dato Seri Setia Dr Awang Haji Mohd Amin Liew.
Yesterday, the minister launched the event alongside Indonesia’s Senior Advisor to the Coordinating Minister of Economic Affairs Dr Rizal Edwin, Malaysian Deputy Minister of Economy Dato Hajah Hanifah Hajar Taib; Chairperson of the Mindanao Development Authority Secretary Maria Belen S Acosta, Cese and BIMP-EAGA Business Council (BEBC) Brunei Chairman Pengiran Dr Haji Haris bin Pengiran Duraman, who is also this year’s BEBC Chair.
Source: Borneo Bulletin
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October 30, 2023
