The 26th BIMP-EAGA Ministerial Meeting and related meetings will be held in Brunei on 23–26 October. Photo credit: Courtesy of Brunei Darussalam
Brunei Darussalam is hosting the 26th BIMP-EAGA Ministerial Meeting and related meetings on 23–26 October.
Ministers are expected to discuss the implementation of key infrastructure projects, tourism recovery, a new initiative to strengthen border health security, and other developments in the subregion.
Vision 2025 accomplishments
A report on the midterm review of the BIMP-EAGA Vision 2025 (BEV 2025), which details the economic and development agenda of the subregion, found the grouping is on track to meeting goals and targets set out under the plan.
Despite setbacks from the COVID-19 pandemic, the subregion’s economy, trade, and investment have all bounced back. According to the BIMP-EAGA Statistical Information Brief 2023, the subregion’s economy in 2022 expanded by 7.7%. Total trade in goods increased by 34.7% to $198.7 billion, comprising exports valued at $141.8 billion and imports amounting to $56.9 billion. Foreign direct investment rose by 46.7% and domestic investment by 19.3%.
There is also progress in the rollout of priority infrastructure projects (PIPs) across the subregion. BIMP-EAGA now has 126 PIPs in its portfolio, a 121% increase from when Vision 2025 was adopted in 2017. The projects are valued $34.45 billion.
A total of 48 projects have been completed, with six projects in the completion stage and 72 in various stages of implementation. Financing for many of the PIPs has been secured.
BIMP-EAGA’s project portfolio is dominated by transport, which constitutes 63% of the projects, indicating that the sector remains a critical driver for subregional cooperation.
During the meeting, BIMP-EAGA ministers are also expected to discuss and sign the Letter of Intent on the implementation of the One Borneo Quarantine Initiative, which increases cooperation in monitoring and inspection, and enhances protection from pests and diseases.
Ministers are also expected to discuss next steps in the revitalization of the region’s tourism industry. BIMP-EAGA has seen a strong recovery in tourist arrivals since the pandemic hit. Domestic tourists, which account for 98.7% of arrivals in the provinces and districts under BIMP-EAGA, more than doubled to 113.29 million in 2022 from 48.3 million the previous year. International arrivals also posted a strong rebound, rising to 1.48 million in 2022 from only 71,825 in 2021.
The Sultan Omar Ali Saiffudin Bridge links the country’s Brunei-Muara and Temburong districts, reducing travel time from 2 hours to less than 30 minutes. Photo credit: Courtesy of Brunei Darussalam
BETCON23 side event
Brunei is also hosting a trade fair, BETCON23, on the sidelines of the BIMP-EAGA meetings.
BETCON23 is an initiative of the Brunei Darussalam BIMP-EAGA Business Council, which represents the private sector in the subregional grouping. The trade fair will be held at the BRIDEX conference center, which is 5 minutes away from the Empire Hotel, where the ministerial meetings are taking place.
According to the business council’s website, about 300 businesses and 1,000 delegates are expected to join the trade fair. BIMP-EAGA development partners, including the Northern Territory of Australia, the People’s Republic of China, Japan, and the Republic of Korea, will also participate.
The trade fair will run until 29 October and gather businesses to showcase their products and services, explore potential partnerships and collaborations, and gain insights on the economic trends and opportunities in BIMP-EAGA.
The fair will feature businesses and investments that complement the outcomes of BIMP-EAGA’s five strategic pillars: promoting connectivity, establishing the subregion as Asia’s food basket, promoting BIMP-EAGA as a premier tourism destination, mainstreaming sustainable management of resources, and strengthening people-to-people connectivity.
Brunei as an investment destination
Brunei is an oil-rich country. It seeks to enhance education and skills development and improve the quality of life in the country to the highest international standards by 2035. It also aims to develop a dynamic and sustainable economy with an income per capita that is comparable to top countries in the world.
Brunei has investment-friendly policies and boasts of both economic and political stability.
It has one of the most liberal tax regimes in the region with its corporate income tax being one of the lowest. There is no tax on capital gains, personal income, sales, payroll, and manufacturing.
According to the latest update of the Asian Development Outlook, Brunei's economy is expected to grow 2.8% this year, a reversal from a 1.6% contraction in 2022. Growth is expected to be steady at 2.5% in 2024.
Brunei has been an independent sovereign since 1959. It also has an unbroken line of political succession since 1363 when the first Sultan was installed, boding well for political security.
The entire sultanate of Brunei Darussalam is part of BIMP-EAGA.