Wednesday, August 02, 2006
Australia looking for more investment opportunities
THE Australian government is exploring new opportunities for joint investment ventures in fisheries, minerals and oil and gas development among stakeholders of the Brunei, Indonesia, Malaysia, Philippines East Asean Growth Area (Eaga) and Australian companies.
Australian Ambassador Tony Hely said this move is part of his government's commitment to deepen its involvement on the sub-region's bid to become the next commercial and industrial hub in the Asia Pacific region within the next decade.
"Australia sees rapid growth and restructuring within Asean which open up new complementarities and commercial opportunities at the sub-regional level," he said during a recent visit here.
Hely said Eaga and Australia essentially complement each other in terms of development opportunities.
He said Eaga offers much promise for further development because of its vast natural resources, especially having "one of the world's richest fishing grounds" and its abundance of minerals, oil and gas.
On the other hand, he said Australia has the expertise and technology to contribute to development and profitable business in the Eaga.
Eaga comprises Brunei Darussalam; East and West Kalimantan, North and South Sulawesi, Maluku, Gorontalo and Irian Jaya in Indonesia; Sabah, Sarawak, Labuan in Malaysia and Mindanao and Palawan in the Philippines.
Two Australian companies are presently conducting explorations for proposed large-scale mining ventures in Mindanao. The BHP Billiton/QNI Pujada Nickel Project in Davao Oriental and the Indophil-Sagittarius Mines Inc. Copper and Gold Project in nearby Tampakan town in South Cotabato reportedly require investments of at least US$1 billion each.
Hely said several companies in Australia's Northern Territory, Eaga's strategic development partner, are particularly interested in Mindanao's mining sector.
"Based on its experience in this area, the Northern Territory is keen on promoting mining safety in the sub-region, including Mindanao," he said.
The NT government signified last week to send a mission to Mindanao later this year to present its capabilities on various mining services, specifically safety training, mine rehabilitation, mine management software and mine site supply.
Quentin Kilian, director for Asian relations of the NT Department of the Chief Minister's Trade and Major Products Division, earlier said they would soon expand their air and sea linkages within Eaga.
He said they are planning to set up new transshipment routes in the sub-region, especially in Mindanao.
Air Frontier, an airline based in Darwin, NT's capital city, is currently working to open up cargo and passenger flights to and from Davao City early next year.
Brunei's Royal Brunei Airlines and Indonesia's Garuda Airlines currently serves regular flights to and from Darwin. (Allen V. Estabillo)
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(July 31, 2006 issue)
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