Labuan, Palawan ink pact on economic advancement
Published on: Wednesday, August 21, 2019
LABUAN: BIMP-EAGA Business Council (BEBC) Labuan chapter and Palawan Economic Development Council, BIMP-EAGA Business Council (Pedco-BEBCP) announced a strategic partnership for economic advancement in the region.
The Memorandum of Understanding (MoU) inked between the two parties promises an advancement in trade, tourism and investments in and for Labuan and Palawan, respectively, and in BIMP-EAGA generally.
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This will be achieved by facilitating free movements of people, goods and services, making the best use of common infrastructure and natural resources and taking advantage of economic complementation.
The MoU was signed on Aug 15 in El-Nido, Palawan between BEBC Labuan chairman Azhar Othman and Pedco chairman emeritus cum BEBC Palawan country director Cipriano Dc Barroma, in the presence of BEBC Malaysia National Chairman Datuk Roselan Johar Mohamed and Pedco-BEBC Palawan president Benedicto Guaño Jr.
Among the objectives of the MoU include that both parties should participate in and/or organise business activities and share information relating to trade and investments in Labuan and Palawan respectively.
The collaboration that serves the common interest of both parties particularly in the areas of duty-free trade, oil and gas, transshipment, logistics, international business and financial services, tourism and infrastructure development, agriculture (specially Halal goat meat) as well as fisheries.
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Azhar said both parties realise that it is not feasible to adequately foresee and address every issue involving the collaboration of the parties herein.
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