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PIA Press Release
2007/10/23

Biz players espouse consolidation

by RG Alama

Davao City (23 October) -- Players from the business sector have espoused consolidation as the new direction for BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area).

Speaking before members of the Davao media at the Marco Polo Hotel Davao during a press conference held during the start of the BIMP-EAGA Investment Conference (BIMP-iCon). Vicente Lao, chair of the Mindanao Business Council said that they are pushing for consolidation of their products towards a common market.

Lao said that instead of exporting copra to Indonesia or seaweeds to Malaysia, which the two countries are also producing, these products can be consolidated for example copra can be exported to China and seaweeds to the European Union.

"We should be sending our products to countries that are not producing the same products," Lao said.

Department of Trade and Industry Assistant Secretary Merly Cruz, who is also a Philippine Senior Official Member to the BIMP-iCon said that for consolidation of products to start, BIMP-EAGA must work on connectivity that includes the necessary infrastructure like shipping, since it involves the actual transfer of goods.

However according Cruz, with the advent of modern technology, they could work on virtual consolidation. For example through internet, traders could consolidate their products into one destination.

The BIMP iCon is a convergence of the business sector comprising the BIMP-EAGA; the event held from October 22-23, is meant to intensify the business sector in the business cooperation. (PIA XI) [top]

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