NextGen Day

The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) subregion is looking to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) as the next major economic actor.

This resulted from the Mindanao Development Authority (MinDA) taking note on Wednesday of the earlier declaration made by BARMM Chief Minister Ahod Ebrahim that the area is positioned as a developing investment hub in the nation and the BIMP-EAGA.

“We position the Bangsamoro region as a major economic player in BIMP-EAGA as the first biggest business gathering of the private sector after the establishment of BARMM as a new political entity,” Ebrahim said at the start of the first Bangsamoro Business Congress, which was held in Cotabato City on Tuesday, according to the MinDA.

The Jan. 17–19 gathering included at least 300 local company owners and executives, chambers of commerce and industry officials, government organizations, partners in international development, and other significant stakeholders.

The assembly’s topic, “Strengthening Partnerships Towards a Resilient Bangsamoro Economy,” intends to give BARMM business leaders a tangible way to connect with those in other regions, BIMP-EAGA, and the global market for the long term.

BARMM was praised by MinDA Secretary Maria Belen Acosta for “ushering huge economic advantages” to Mindanao and the country as a whole, as seen by the region’s 7.5% economic growth rate in 2021, the second-highest of all the nation’s regions.

“This amazing jump is a powerful dividend of peace,” she added, “demonstrated in the increased regional peace and security, clear and cohesive policy objective, and established BARMM processes and institutions.”

In the presence of the MinDA and the BARMM Ministry of Trade, Investment, and Tourism, a sisterhood agreement between the Mindanao Business Council and the BARMM Business Council (BBC) was signed at the business congress.

When he officially inaugurated the meeting in Cotabato City, BBC Chairperson Ronald Hallid D. Torres stressed the council’s economic importance to the thriving BARMM business sector.

According to lawyer Torres, “this congress is our first multifaceted and sectoral strategy in building a proactive place for economic growth in the Bangsamoro region.”

The attendees can take part in a variety of educational workshops and business-to-business networking at the ongoing three-day business assembly.

The Bangsamoro Business Advocacy Agenda, which will serve as a strategic partnership and development roadmap for the area’s business sector, will be adopted as its culmination.

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