EAGA Contributes Towards ASEAN Economy, Says Malaysian Minister PM's Dept

LABUAN (Malaysia), Nov 10 (Bernama) -- The East ASEAN Growth Area (EAGA) is a stable and highly competitive region as proven by its real Gross Domestic Product (GDP) annual growth rate of 4.7 per cent in 2014, says Minister in the Prime Minister's Department Abdul Rahman Dahlan. He said the growth rate was similar to that of the ASEAN economy, an indication of the sub-region's market potential. "In 2014, the size of the EAGA's GDP has increased to US$723 billion in terms of purchasing power parity compared with US$559 billion in 2010," Abdul Rahman said at the Asian Business Conference 2016 here Thursday. However, he said, besides unlocking the region's growth potential, there is a need to address poverty and disparity issues within EAGA. "We can achieve this with a freer flow of not only goods, services and skilled labour, but also of capital and investment that will eventually trigger a multiplier effect on the population in this region," said Abdul Rahman. He said one key factor in driving the growth of a nation is cooperation between countries. "One only has to look at the ASEAN Economic Community to understand how joint efforts between countries can create success through increased trade and investments," he said. He said Labuan is a strategically located territory that is part of the EAGA, more commonly known as the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA). Rahman said as a member of the grouping, Malaysia has an opportunity to create synergy between neighbouring countries in areas such as transportation, infrastructure, trade and investment, halal industry and tourism. "The potential market of this region is substantial. To see this in perspective, let us once again reiterate that the combined population of BIMP-EAGA is a remarkable 57.5 million people," he added. -- BERNAMA