BIMP-EAGA’s efforts to reduce poverty cited

DAVAO CITY – The deputy secretary general of the Association of Southeast Asian Nations (ASEAN) Secretariat lauded the efforts of the Brunei, Indonesia, Malaysia and the Philippines-East ASEAN Growth Area (BIMP-EAGA) geo-economic grouping in reducing poverty.

“ASEAN applauds the BIMP-EAGA strategy in eradicating poverty by increasing trade, tourism and investments. This strategy closely mirrors the initiatives of building an ASEAN community,” Dr. Seoung Rathchavy told the more than 300 participants in the BIMP-EAGA Investment Conference held here Monday.  

Formally created in 1994 and boasting a market base of more than 50 million consumers, the BIMP-EAGA encompasses the sub-regional economies of Brunei Darussalam, East Indonesia, East Malaysia, and Mindanao and Palawan in the Philippines.

Rathchavy said the ASEAN Secretariat is committed to provide funding assistance to the BIMP-EAGA.

“Funding remains a key issue and where possible the ASEAN Secretariat will lobby with ASEAN’s dialogue partners to provide assistance to BIMP-EAGA,” she said.

Japan, China, South Korea, India and Australia are among ASEAN’s dialogue partners.

The ASEAN Secretariat is reportedly helping in the arrangements for Australia’s East ASEAN Initiative (EAI), which has a budgetary allocation of A$ 2.7 million.

The EAI will reportedly focus on extending support to address growth and security in the BIMP-EAGA component areas, particularly Mindanao and East Indonesia.

Rathchavy cited the importance of BIMP-EAGA in reducing income disparity and ensuring equal opportunities for growth of its component areas. 

She said the ASEAN Secretariat and BIMP-EAGA officials have been holding consultations and sharing operational experience and knowledge on how to further enhance the BIMP-EAGA cooperation framework.

She said the existing BIMP-EAGA development roadmap is grounded on realistic goals because it focuses on the mobility of goods and people, on rationalizing the development of infrastructure, and on harnessing the vast resources with proper management of the growth area’s ecosystem.

But Rathchavy said the further growth and development of BIMP-EAGA shall largely be market-driven and private sector-led.

BIMP-EAGA was created primarily to bring about growth and development in its component areas considered to be the backwaters of their respective country’s economies.

The BIMP-EAGA’s local government group will also meet here today, followed by the gathering of senior officials and ministers of the geo-economic grouping until Sunday.