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KUALA BELAIT, BRUNEI – The 22nd Meeting of the Ministerial Level of East Asian Growth Area (BIMP-EAGA) and Related Meetings was held in Kuala Belait, Brunei Darussalam from 23 to 26 November 2018. The meeting was chaired by Dato Seri Setia Haji Erywan bin Pehin Yusof, Second Minister of Foreign Affairs, Brunei Darussalam. The Malaysian delegation was headed by YB Dato ‘Seri Mohamed Azmin bin Ali, Minister of Economic Affairs.
YB Dato ‘Seri Mohamed Azmin bin Ali was welcomed by His Majesty the Sultan of Brunei Darussalam. During the event, His Majesty the Sultan of Brunei emphasized on the importance of bilateral ties to enhance economic cooperation between Malaysia and Brunei. His Majesty also hoped that the BIMP-EAGA (The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area) Ministerial Level Meeting would have a positive impact on strengthening regional cooperation benefiting the people in the region.
Over 200 senior officials and government representatives from Brunei Darussalam, the Republic of Indonesia, Malaysia and the Philippines attended the meeting discussing the achievement of BIMP-EAGA’s collaboration and the latest developments. In addition, the meetings have identified effective implementation steps to achieve the goals set out in BIMP-EAGA Vision 2025.
Among the goals of BIMP-EAGA was to bridge the development gaps and accelerate regional socio-economic development.
In addition, the meeting also held discussions with BIMP-EAGA development partners such as the Northern Territory of Australia and the People’s Republic of China.
This is the First Ministerial Level Meeting between BIMP-EAGA and China which created history in an effort to strengthen the cooperation of these regional countries with China.
During the meeting, Malaysia stated that close cooperation with China was a key driver in strengthening economic development within the BIMP-EAGA territories. Since 2009, China has been Malaysia’s leading trading partner for nine consecutive years and Malaysia will continue to see China as a strategic development partner in the region.
During the first official visit of YAB Tun Dr. Mahathir Mohamad to China last August, he welcomed China’s proposal to enhance cooperation in the BIMP-EAGA region.
BIMP-EAGA ministers have agreed on the need to develop an Action Plan to identify key economic activities that can increase and promote cooperation with China based on the strengths and advantages of regional economic competitiveness. Key areas of cooperation include connectivity; agriculture; fisheries processing and food industries; tourism and socio-cultural exchanges; trade and investment; digital economy; poverty alleviation and inclusive development; human resource development; environment, power and energy.
BIMP-EAGA comprises the entire Sultanate of Brunei Darussalam; Kalimantan, Sulawesi, Maluku and Papua regions in Indonesia; Sabah and Sarawak and the Federal Territory of Labuan in Malaysia; the island of Mindanao and the Palawan region of the Philippines. With a population of 75.8 million and an area of 1.6 million square kilometers, BIMP-EAGA is a significant market for strong economic growth in ASEAN.
Malaysia will continue to integrate the economy including enhancing connectivity through the construction of infrastructure projects such as the Pan Borneo Highway, Mukah airport and the development of the Sepanggar Bay container port.
EAGA’s Gross Domestic Product (GDP) at current prices rose to US $ 287.3 billion with an increase in trade balance by 39.2% to US $ 54.7 billion. Trade of BIMP-EAGA products amounted to US $ 102.7 billion and EAGA’s exports totaled US $ 79 billion. Realized and approved investment in foreign direct investment reached US $ 13.92 billion while in domestic investment of US $ 6.98 billion.
The Minister of Economic Affairs has stated the importance of regional cooperation for economic development. Through large business networks, the BIMP-EAGA region has vast market potential and it will create synergies that often complement the dynamic economic growth so that Malaysia reappears as ‘Asian Tigers’.
The 23rd Meeting of BIMP-EAGA Ministerial Meeting and Related Meetings will be held in Kuching, Sarawak in November 2019. In conjunction with the meeting, the Budayaw Celebration will also be held to celebrate the 25th anniversary of the establishment of BIMPEAGA.
