"We are looking for opportunities, and the potentials in this areas are unlimited for both trade and investments," said Paul G. Dominguez, the Philippine minister for BIMP-EAGA and Presidential Adviser for Mindanao.
Dominguez expressed optimism that these active partners would plunk in more investments. China alone, which leads the growth in the Asian region, is interested in broadening its economic links with Southeast Asia including the EAGA sub-region.
Among the areas with huge potentials for investments are air and sea transportation and logistics, food supplies, and eco-tourism destinations.
On the other hand, the export potential for the EAGA member nations include agro-industrial products mainly in foodstuff, fisheries, minerals, oils and oil by-products, and liquefied petroleum gas.
The aggressive posture towards expanding trade and investments outside the polygon formation was also buoyed by the improving security situation in the region. To ensure further improvement the four-nation formation has been extending cooperation in the areas of security, customs and immigration.
In the near future, EAGA plans to court private sector investments from the North Asian economies especially for food supply and products and world-class eco-tourism. In fact, a recent study undertaken by the Asian Development Bank (ADB) confirmed the competitiveness of the member nations environment-ecology tourism resources.
However, Dominguez made it clear that the respective heads of the state must affirm to the direction set by the just-concluded ministerial meeting in Davao as well as that of the East Asian Business Council.
"We need the commitment of the respective national governments. It is important because when it was launched in the early 90s, it was purely in support of the peace process. We are now looking at opportunities in trade, tourism, investments and in commerce," Dominguez said.
Nonetheless, emphasis was placed on the active participation of the respective private sectors in implementing the progress of the EAGA.
It was emphasized in the ministerial meeting that the respective governments’ role is to initiate the effort.
"The government has and continues to build the bridges, which is the policy framework," Dominguez said. "Decisions for joint ventures or strategic alliances for production and marketing will be made by individual private sector companies. What we are trying to do is to improve the quality environment so that when we build the bridges the private sector will cross those bridges."
Investment and trade growth for EAGA would also result in increased earnings and investments for the member-nations.
The Philippines posted trade earnings of roughly $400 million among its immediate neighbors especially with EAGA members during the first three months of the year.