Monday, October 15, 2007 New opportunities open to BIMP-Eaga investors
AMID exciting opportunities in the new development plans of the East Asean Growth Area (Eaga), private investors in the four member countries of Brunei Darussalem, Indonesia, Malaysia and the Philippines (BIMP) are still holding back and looking for other opportunities elsewhere.
"We have all the plans and programs set up and ready to go, but we still have to see the private sector take full advantage of so many opportunities for new projects they can put up in BIMP-Eaga," said Assistant Secretary Merly Cruz of the Department of Trade and Industry.
The upcoming BIMP-Eaga Investment Conference on October 22-23 at the Marco Polo Hotel, Davao City is expected to gather a large number of traders and private investors not only from the four member countries, but from all over the world.
Cruz said the success of BIMP-Eaga depends on how much these traders and investors are attracted to opportunities being opened for them "and whether or not they will take full advantage of all these opportunities."
The BIMP-Eaga is now being put back to life after its growth was stunted for some time at the height of the 1997 Asian financial crisis and the four member countries, their economies in shambles, found themselves tied down at home tackling with their own domestic problems in both politics and the economy.
To put the economy back on track, senior ministers and top officials from the four countries started meeting again and "re-charted" the direction of the region and came up with new, better strategies in the new BIMP-Eaga Development Road map 2006-2010.
Cruz, who sits as the Philippine senior official to the BIMP-Eaga, said the plan came up with various programs and projects to revitalize the growth of this region "and we want the private sector to come in and take advantage of the many opportunities we're opening up for them."
The BIMP-Eaga came into being way back in the 1990's amidst the spiraling, run-away economic boom in Asia led by tiger economies like Singapore, Hong Kong, Thailand, and other booming economies in Asia whose stock markets and real estate industries rose to dizzying heights fueled by so much money circulating around the Asian region.
Unfortunately, the benefits of this Asian economic boom were barely felt by the poorer, less developed areas in the region. To make sure these areas also share in the economic benefits, the four countries banded together and formed the East Asean Growth Area to attract more trade and investments not only from overseas but also especially from among themselves.
"We've always wanted the growth of BIMP-Eaga to be market-driven and led by the private sector," said Cruz.
"The success of this growing region depends on the investments put up by private businessmen who want a slice of the action here," she added.
The BIMP-Eaga Investment Conference is one of the major events lined up during the 15th Senior Officials and 12th Ministers Meeting in Davao City.
Discussions will cover a wide range of topics to include business opportunities in tourism, transportation, communications, infrastructure, natural resources, small-medium enterprises, and joint government-private venture projects.
