Launching the $32.8 billion BIMP-EAGA project requires the private sector.
Alfredo Pascual, secretary of the Department of Trade and Industry (DTI), urged the public and private sectors to promote “soft connectivity” in the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) to help the sub-regions economy.
Increased private sector participation in the BIMP-EAGA will aid the region in implementing its priority investment programs, which include infrastructure and services for power, urban development, seaports, airports, roads, bridges, and railways. Pascual made this statement at the 15th BIMP-EAGA Summit in Labuan Bajo, Indonesia.
Amounting to USD32.8 billion, these BIMP-EAGA priority investment projects depend heavily on the financial resources of the private sector to be implemented.
Due to DTI’s active involvement in the BIMP-EAGA region, a campaign, and information drive are planned to boost local private sector and LGU (local government unit) peers’ presence there. To increase the region’s competitiveness, we will strive towards creating and promoting sub-regional value chains. Additionally, this will give MSMEs (micro, small, and medium-sized firms) a chance to participate more actively in the aforementioned value and supply chains.
One of the DTI’s goals is to collaborate with the private sector, including organizations like the BIMP-EAGA Business Council, the Philippine Chamber of Commerce and Industry (PCCI) and its regional chapters, and MSME groups, to host trade shows, investment forums, and business-to-business networking.
According to Pascual, the BIMP-EAGA will benefit from stronger “soft connectivity” due to the resumed transit services.
The development of workable routes to accommodate passenger traffic and the transfer of products, as well as the restoration of air, land, and sea connectivity in BIMP-EAGA, are all supported by DTI, according to the DTI director.
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