How does it work?
BIMP-EAGA is an intergovernmental economic cooperation program that is envisioned to promote private sector-led and market-driven growth.
The governments address the basic problems of the growth area, such as lack of adequate transport, power, and ICT infrastructure, to pave the way for private sector investments and activities. They fill the infrastructure gaps, provide the policy and regulatory environment for public-private partnerships in relevant projects, and resolve such issues as transport facilitation, cross-border trade facilitation, elimination of non-tariff barriers and measures, and streamlining of customs, immigration, quarantine, and security rules, regulations and procedures.
The governments determine the development path of BIMP-EAGA, aligning it with the social and economic development priorities of local governments and local communities’ aspirations. Vision 2025 sets the long-term strategic thrusts of becoming a regional food basket and premier tourism destination provided natural resources are sustainably managed and connectivity is enhanced within and outside of BIMP-EAGA.
Along with the private sector, local governments are key enablers of the strategic directions set by the BIMP-EAGA national governments. They create a conducive business environment and support the development of small and medium-sized enterprises in their areas.
The private sector plays an important role in identifying challenges and solutions to better promote trade, tourism and investment, and also helps identify private sector-led projects that can support the subregion’s development.