KUALA LUMPUR, April 8 — The development of the Brunei, Indonesia, Malaysia, the Phillippines (BIMP), and the East Asean Growth Area (EAGA) will not only benefit Sabah and Sarawak but contribute towards reinforcing Southeast Asia's economy, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
In making the call, he said it would offer immense economic opportunities to foster intra-trade growth and lessen the region's dependence on outside markets amid current challenges brought on by the imposition of United States tariffs on member states.
Many cross-border initiatives, including co-dependence and collaboration, could be nurtured within the economic subregion. In turn, they contributed to overall development and reinforced Southeast Asia's economy and its economic independence.
“I am hopeful that we will look and explore those areas (as) the more resilient (we are), the more intra-trade that we can build, the less dependency we have outside," Amir told Bernama after visiting the Malaysia Open House Exhibition Asean 2025 in conjunction with the 12th Asean Finance Ministers' and Central Bank Governors’ Meeting (AFMGM) and related meetings today.
This is the "same principle that we are working on between BIMP together with other Asean initiatives because it is part and parcel of Asean (and) we want greater intra-Asean trade growth,” he said, in responding to a question on how Sabah and Sarawak through their involvement in BIMP-EAGA initiative contributes to and complements Asean's broader regional integration goals.
Amir added that the global challenges faced today, including the United States tariffs, highlight the importance of Asean interacting and collaborating between regions to strengthen economic ties.
“If you look at the initiative that Asean is trying to do, the most important is bringing the various groups together.
“When we have interactions (and) partnerships built and businesses that interact with each other, then they can translate the opportunities into reality. So, if we do not have the interaction, nothing will happen,” he said.
The whole concept of bringing Asean leaders together, organising exhibitions and inducing investment climate conferences is aimed at raising awareness and actively creating trade and investment interaction.
“What governments can do is to facilitate through better policies, promotions and improvements in terms of policy and regulation. Hopefully, on a holistic intra-Asean basis, we will be able to stimulate growth for the regional economy,” Amir said.
— Bernama
