The inaugural Consumer Fair Conference (CONFAC 2025) began yesterday at the International convention Centre in Berakas as a milestone in Brunei’s efforts to foster economic collaboration and innovation across the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) region.
Themed ‘Unlocking Opportunities Across the BIMP-EAGA Region and Beyond’, brought together micro, small and medium enterprises (MSMEs), policy makers and industry leaders from Brunei, Indonesia, Malaysia and the Philippines.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah attended the event.
BIMP-EAGA Country Director and member of the National Chamber of Commerce and Industry Brunei Darussalam Haji Alimen bin Haji Ja’afar said, “The BIMP-EAGA shows the vision for regional integration and economic growth. Spanning over 1.6 million square kilometres and serving over 80 million people, it aims to boost cross-border trade and investment and enhance the region’s competitiveness.”
During the 27th BIMP-EAGA Ministerial Meeting in Kota Kinabalu in Malaysia last year, he highlighted, “It was indicated that the BIMP-EAGA economy stood at USD401.6 billion in 2023, accounting for 18.2 per cent of the four member countries’ gross domestic product (GDP). The EAGA trade in goods were recorded at USD161.5 Billion accounting for 21.8 per cent of BIMPs Trade.
He said, “Indonesia is aiming for a 5.2 per cent growth rate. Malaysia is boosting its economy with innovation and technology, while Brunei is strengthening its economy through diversification. The Philippines is also focused on investments in infrastructure and human development.”
Meanwhile Brunei Economic Development Board Acting Chief Executive Officer Daniel Leong detailed in his presentation the Sultanate’s business and investment opportunities highlighting the county’s economic diversification plan and focusing on the priority sectors that are driving the nation’s growth.
He said, “Brunei, known as the Abode of Peace, is a stable and resilient nation, traditionally reliant on oil and gas. However, from 2019 to 2023, non-oil sectors, including downstream, have grown to contribute nearly 50 per cent of GDP, diversifying exports and creating jobs while supporting MSMEs.”
He added, “Brunei has made strides in diversifying its economy under Brunei Vision 2035 and the Economic Blueprint guided by the Ministry of Finance and Economy, focusing on productive businesses, talent development, and global engagement. This aligns with the conference’s goal of fostering collaboration and growth in the BIMP-EAGA region.”
He added, “Our strategic location and commitment to improving connectivity and global market access make us an important partner in promoting trade and investment.” – James Kon
