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Private sector crucial to roll out $32.8-B project in BIMP-EAGA

By Kris Crismundo

May 12, 2023, 6:32 pm

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Friday called on public and private sectors to push for “soft connectivity” in the Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) to support the economy of the sub-region.

At the 15th BIMP-EAGA Summit in Labuan Bajo, Indonesia, Pascual said increased engagements of the private sector in the BIMP-EAGA will help the region implement its priority investment programs, which include roads, bridges, railways, seaports, airports, transport services, information and communications technology, power, and urban development infrastructure and services.

These priority investment projects of BIMP-EAGA amounted to USD32.8 billion, in which the financial resource of the private sector is crucial to roll out these projects.

“DTI’s active involvement in BIMP-EAGA region is set to come up with a campaign and information drive to initiate a stronger presence of local private and LGU (local government unit) counterparts in the BIMP-EAGA. We will work for the development and promotion of sub-regional value chains to enhance the region’s competitiveness. This will likewise provide an opportunity for MSMEs (micro, small and medium enterprises) to increase their participation in said value and supply chains,” he said.

One of the initiatives of the DTI is to link the private sector such as BIMP-EAGA Business Council, Philippine Chamber of Commerce and Industry (PCCI) and its regional chapters, and MSME groups to conduct investment fora, trade fair, and business-to-business networking.

Pascual said the resumption of transport services in the BIMP-EAGA will also help in strengthening the “soft connectivity” within the sub-region.

“DTI supports the resumption of air, land, and sea connectivity in BIMP-EAGA as well as the expansion of viable routes to service passenger traffic and movement of goods,” the DTI chief said. (PNA) 

 

 

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