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INVESTMENT POTENTIAL
with a total Gross Domestic Product (GDP, PPP)
of USD49.5 trillion, approximately 39 per cent
of the world’s GDP, with the combined GDPs of
China and Japan making up more than half that
amount.
RCEP is the world’s largest economic bloc,
covering nearly half of the global economy.
According to estimates by Pricewaterhouse-
Coopers, the Gross Domestic Product (GDP,
PPP) of RCEP member states is likely to amount
to nearly USD250 trillion by 2050, or a quarter
of a quadrillion dollars, with the combined GDPs
of China and India making up more than 75 per
cent of the amount. RCEP’s share of the global
economy could account for half of the estimated
USD0.5 quadrillion global GDP (PPP) by 2050.
The country stands to benefit from key regional
trade agreements as they can offer more export
markets for made-in-Brunei products and
also help boost Bruneian businesses’ growth
potential and supply chain connectivity in the
long term. Brunei’s then Ministry of Foreign
Affairs and Trade (MOFAT) said the CPTPP
could potentially bring USD1 billion to Bruneian
businesses over the next five to 10 years.
In line with the wider drive to support efforts in
diversifying the economy, Brunei foreign offices
continue to play their role in promoting Brunei
as a safe and stable nation, as well as an at-
tractive investment destination for internation-
al companies.
Such approaches could provide opportunities for
local companies to set up joint ventures with
outside companies to enable them to penetrate
the international market and develop their
products.
Brunei can also benefit from this by having
more countries export made-in-Brunei products
that comes with advantageous terms. The
value of Brunei’s participation may not always
necessarily be immediate but in the long-term,
it can boost growth potential and supply chain
connectivity of Bruneian businesses.
It is important to position the nation in the global
value chain in areas where Brunei can be strong
at, and planning out these mid-term competitive
advantages is important because competitive
advantages are not borne overnight. This is
an opportunity that Brunei can seize because
digital businesses can drastically replace the
traditional industries in a very short period.
BIMP-EAGA to spur business
activities within economic area
The Brunei, Indonesia, Malaysia and the
Philippines-East ASEAN Growth Area (BIMP-
EAGA) was launched in Davao City, the
Philippines on March 24, 1994 to spur business
activities within the economic area.
The region comprises Brunei; the provinces of
Kalimantan, Sulawesi, Maluku, West Papua
in Indonesia; Labuan, Sabah and Sarawak in
Malaysia; and Mindanao and Palawan in the
Philippines.
The nation is working towards positioning itself
as a Halal industry hub in the Brunei, Indonesia,
Malaysia and the Philippines East ASEAN
Growth Area (BIMP-EAGA) and ASEAN regions.
Brunei is also focussing on the advancement
of its Halal food and beverages, cosmetics
and pharmaceuticals. The global Halal market
is lucrative. Key to this is a fast-growing world
Muslim population which is projected to reach
2.2 billion in 2030, creating a market valued at
USD2.3 trillion.
The realisation of Halal growth objective requires
not only an understanding of Halal certification
and other related processes, but also knowledge
about viable export markets and suitable market
access strategies. The premise is not just to link
Brunei with the Asia Pacific market and beyond,
but also to do it in a sustainable manner.
At the 12
th
BIMP-EAGA Summit on April 29,
2017 in Manila, Philippines, BIMP-EAGA leaders
adopted the BIMP-EAGA Vision 2025 (BEV 2025),
the successor document to the implementation
blueprint (IB) 2012-2016.
The BIMP-EAGA Vision 2025 (BEV 2025) was
formulated to ensure that member countries
are attuned to regional and global development
trends, opportunities and challenges that would
influence the future of economic cooperation.
BEV 2025 builds on the successes and progress
achieved by BIMP-EAGA thus far. It is grounded
in the commitments made by member countries
through their national and local development
plans to promote sub regional cooperation.
National consultations and sector planning
workshops were conducted to ensure the
greatest possible participation by BIMP-EAGA
stakeholders (national and local governments,
sector cluster and working groups, and the
private sector) in the formulation of BEV 2025.
In light of the fact that the BIMP-EAGA initiative
is considered a building block of ASEAN
economic integration, the BIMP-EAGA Senior
Officials Meeting agreed to align the period of
this strategic plan with that of ASEAN Vision
2025: Forging Ahead Together.
The BIMP-EAGA Vision for 2025 is ‘Resilient,
Inclusive, Sustainable and Economically
competitive (R.I.S.E.) BIMP-EAGA to narrow
development gap.’