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November 18, 2009 11:57 AM

EU Confident Asean Economic Community Will Boost BIMP-EAGA Growth

MIRI, Nov 18 (Bernama) -- The European Union (EU) is confident the initiative to achieve Asean Economic Community by 2015 will spur growth in the Brunei, Indonesia, Malaysia and the Philippines East Asean Economic Area (BIMP-EAGA).

The European Commission Ambassador to Malaysia Vincent Piket said the economic blueprint adopted by the 10-member Asean would lead the region to harness the potentials and raise the economic importance.

Speaking at a news conference on the sidelines of the EU-EAGA Business and Technology (BizTech) Partnership here Tuesday night, he said the plan would improve business opportunities in Southeast Asian countries which currently manage their economy individually.

He likened the present economic management among Asean countries to the situation experienced by European countries before the creation of the EU.

"The Asean market, despite its tremendous potential, with about 580 million consumers as I understand, is still quite fragmented," he said.

Piket said the 27-member EU realised the growth potentials in East Asean and wanted to engage actively in the region's economic development.

He said the BizTech Partnership is one of EU's initiatives to promote this mission alongside 50 European companies.

They were joined by some 100 companies from the BIMP-EAGA region, he said.

It is also a move for governments and industries of the countries involved to seek ways to recoup losses incurred in the current global economic downturn and to regenerate economic growth.

Sarawak Deputy Chief Minister Tan Sri Dr George Chan, who was represented by Miri Mayor Lawrence Lai, opened the event attended by 270 participants.

-- BERNAMA

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