More Private Sector Participation Expected In BIMP-EAGA

More Private Sector Participation Expected In BIMP-EAGA

KUALA LUMPUR, Feb 22 (Bernama) — More private sector participation is expected from the Brunei-Indonesia-Malaysia-the Philippines East Asean Growth Area (BIMP-EAGA) in the development of air and sea links, given the attractive business prospects in the region.

Previously, there was minimal participation from the private sector due to poor returns on investments, said Datuk Razali Che Mat, who led the Malaysian delegation to the BIMP-EAGA senior officials meeting recently.

However, this perception has changed, especially now that there are incentives packages for private investment to improve connectivity within the EAGA, he told Bernama.

“The strength within the BIMP-EAGA region and its strong economic growth potential offers opportunities for the private sector.

“A seamless connectivity in the sub-region will further enhance the flow of goods, services, investment and people across the borders.

“Good connectivity, especially air and sea link is significant as more people are traveling within the sub-region for economic and tourism development,” said Razali, who is also Director, Regional Development Section, Economic Planning Unit of the Prime Minister’s Department.

For instance, he said the cruise ship transportation sector was an attractive area that needed to be developed further as the BIMP-EAGA region was being positioned as a major cruise destination.

The recently concluded BIMP-EAGA meeting reviewed and assessed the implementation of priority programmes and projects under the sub-region’s blueprint for 2012-2016 which included strengthening connectivity in the sub-region.

The BIMP-EAGA economic cooperation covers a land area of 1.54 million square kilometers with some 70 million people within the potential market.

— BERNAMA

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