Over 100 participants participated in the Brunei-Indonesia-Malaysia-Philippines – East ASEAN Growth Area (BIMP-EAGA) Trade Convention 2023’s (BETCON23) roundtable discussion to explore opportunities, addressed challenges, and set the course for the future.
The forum featured business leaders, tour operators, logistics companies, and BIMP-EAGA stakeholders, who shared expertise on emerging industry trends and challenges.
Highlights from the discussion included a full recovery in tourism, with arrivals increasing by 137.3 per cent to 114.8 million in 2022 from 48.4 million in 2021.
Priority infrastructure projects have also seen a substantial increase, growing from 57 in 2017 to 129 in 2023, with a value of USD38.87 billion.
The projects encompass road, sea and airport development, information and communication technology infrastructure and power interconnections.
There has also been an improvement in the sub-region’s trade balance, increasing from USD70.2 billion to USD84.8 billion between 2021 and 2022.
The Business Forum, a central component of BETCON23, provided insights into investment opportunities within the EAGA region.
Delegates learnt about investment prospects from organisations such as the Brunei Economic Development Board (BEDB), The Halalan Thayyiban Research Centre of Universiti Islam Sultan Sharif Ali, Sabah Invest, the Otorita Kota Ibu Negara Nusantara in Indonesia, as well as representatives from Zamboanga city and the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) in the Philippines. A presentation from India focused on food security.
BETCON23 served as a platform for businesses to network, promote products and services, and explore potential opportunities that align with the BIMP-EAGA Vision 2025 (BEV 2025).
The exhibition booths at the trade convention displayed an array of products and services across multiple industries, from agriculture to manufacturing, technology, and tourism, allowing participants to explore the wide-ranging offerings within the BIMP-EAGA region.
By promoting intra-regional trade, BETCON23 has established the foundation for long-term economic growth and development. A highlight of the convention was the business matching session, where 23 companies from the BIMP-EAGA region and beyond explored potential partnerships and collaborations over the five-day event.
Entrepreneurs forged partnerships, explored investment opportunities, and enhanced the potential for growth within the BIMP-EAGA region.
Four product presentations were also delivered, enabling businesses to catalyse investment and trade opportunities.
The success of BETCON23 underscores the commitment of the BIMP-EAGA region to unlock its full economic potential and promote inclusive and sustainable growth.
Through collaborative efforts and strategic partnerships, BETCON23 has laid the groundwork for increased regional integration, enhanced connectivity, and thriving business opportunities.
The event was organised by the BIMP-EAGA Business Council and endorsed by the Ministry of Finance and Economy, with support from the BEDB and Muara Port Company Sdn Bhd.
It was held in conjunction with the 26th BIMP-EAGA Ministerial Meetings and other meetings in Bandar Seri Begawan. – Izah Azahari
