THE development of the Brunei, Indonesia, Malaysia, Philippines (BIMP) and East ASEAN Growth Area (EAGA) initiatives will not only benefit Sabah and Sarawak but also strengthen Southeast Asia's economy, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
In a statement today, he highlighted that such developments would create significant economic opportunities to promote intra-regional trade growth, reducing the region's reliance on external markets.
This shift in focus comes at a time when ASEAN member states face challenges due to the imposition of United States tariffs.
Amir Hamzah emphasised that the BIMP-EAGA initiative, along with other cross-border collaborations, could cultivate deeper interdependence and cooperation within the subregion, contributing to broader economic development and reinforcing Southeast Asia's push for greater economic independence.
"I'm hopeful that we will explore these areas because the more resilient we are, the more intra-trade we can build, and the less dependent we are on external markets," he remarked.
He made the comments following his visit to the Malaysia Open House Exhibition ASEAN 2025, held in conjunction with the 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) and related events.
He further explained that the same principle applies to BIMP's collaboration with other ASEAN initiatives, underlining ASEAN's goal for stronger intra-regional trade.
"This is part and parcel of ASEAN, and we want to foster greater intra-ASEAN trade growth," he added, in response to a question about Sabah and Sarawak's role in the BIMP-EAGA initiative and its alignment with ASEAN's broader integration objectives.
Amir Hamzah also pointed out that the current global challenges, including the impact of US tariffs, underscore the need for ASEAN countries to work more closely together to strengthen economic ties.
"If you look at the initiative that ASEAN is trying to do, the most important thing is bringing the various groups together," he said.
"When we have interactions and partnerships, businesses can turn opportunities into reality. Without interaction, nothing will happen."
He also stressed that ASEAN’s efforts, such as organising exhibitions and investment climate conferences, are designed to raise awareness and stimulate trade and investment.
"What governments can do is facilitate through better policies, promotions, and improvements in terms of regulations," he said, expressing hope that a holistic, intra-ASEAN approach will help drive growth in the regional economy. – April 8, 2025
