Thursday, October 18, 2007 Investment gab to focus on BIMP-Eaga resources
RISING investor interest in the East Asean Growth Area (Eaga), generated by new cross-border opportunities in agro-industry, energy and tourism, is the impetus for a major regional investment forum slated in Davao City next week.
Business leaders, policy planners, local government heads, and development planners will converge on October 22-23 for the BIMP-Eaga Investment Conference (ICon).
Reflecting a global trend towards joint sustainable development of the environment, ICon will focus on the efficient utilization of the exceptional marine and land resources of the sub-region, which is comprised of Brunei Darussalam and areas of Indonesia, Malaysia, and the Philippines.
"We are seeing cross-border proposals for agriculture and marine resource development aimed at larger markets, such as the global trade in halal foods," said Antonio R. Santos Sr., chair of the BIMP-Eaga Business Council (BEBC).
The BEBC is organizing the conference in collaboration with the Mindanao Business Council, Department of Trade and Industry, Mindanao Economic Development Council, Department of Agriculture, and various line agencies. The event is given support by the Asian Development Bank, GTZ, and other development organizations.
"We also see investors looking into non-traditional fields," Santos said. "In line with growing demand for renewable sources of energy, for example, there is interest in geothermal, biomass, hydro and wind power."
Tourism is considered a particularly promising sector, following the recent agreement by the Eaga member-countries to give fifth-freedom air traffic rights to selected airports. This is the latest in a series of measures paving the way for an open skies policy in the sub-region.
"There's also significant interest among the sub-region's local government executives in participating in this conference, to a degree we've not seen before," said Bernardino Vega, BEBC vice chair.
When the BIMP-Eaga initiative started in 1994, devolution of powers from the national capital to local governments in the Philippines was in its early stages, and had not even begun in Indonesia, according to Vega, who is also chair of the North Sulawesi Chamber of Commerce.
"Since then, local governments have become increasing engaged in facilitating investment and trade," Vega added. "It's a much more dynamic environment."
DTI Assistant Secretary Merly Cruz, who is the Philippine senior official for BIMP-Eaga, said the ICon would also serve to expand the stakeholder base.
"We'd like more involvement from academic institutions engaged in research with practical and strategic applications for the sub-regional economy," she said.
The investment meeting is being held back-to-back with the 15th BIMP-Eaga Senior Officials Meeting and 12th Ministerial Meeting (SOM/MM), which provides a platform for policy formulation involving the four member-countries. Key Eaga agreements are traditionally announced at the close of the SOM/MM.
Among the expected agreements with promising implications for the transport, tourism, and trade sectors is one on the promotion of sea links and shipping services in Eaga. Another is on the facilitation of cross-border movement of buses and coaches.
Related major events taking place the same week are the 2nd BIMP-Eaga Chief Ministers, Governors and Heads of Local Government Forum, in Koronadal, South Cotabato; 1st BIMP-Eaga ICT Conference; Davao Trade Expo 2007, and the 2nd Roundtable for media by the BIMP-Eaga Media and Communicators Association.
Eaga includes the entire sultanate of Brunei Darussalam; Papua, West Papua, Maluku, North Maluku, Kalimantan and the islands of Sulawesi in Indonesia; Sabah, Sarawak and Labuan in Malaysia; and Mindanao and Palawan in the Philippines. It has a combined population of 57.5 million. (ADB)
