MANILA, Philippines — The Philippine Chamber of Commerce and Industry (PCCI) has teamed up with business chambers from the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) to increase trade and investments flows, particularly in the halal industry.
A memorandum of cooperation (MOC) was signed by the PCCI with the National Chamber of Commerce and Industry of Brunei Darussalam, Indonesian Chamber of Commerce and Industry, Malaysian International Chamber of Commerce and Industry – Sabah Branch and the BIMP-EAGA Sarawak Association to promote investments and the halal industry in BIMP-EAGA.
Under the MOC, the parties will work together to promote collaboration among the business sectors of the BIMP-EAGA to increase the flow of goods and services and generate more investments, particularly for the development of the halal industry.
To be considered halal, a product or service should follow the prescribed process of preparation according to Islamic law and be certified by accredited bodies.
PCCI president Enunina Mangio said it is necessary to expand trade to create a more integrated and competitive BIMP-EAGA.
With a combined population of over 430 million, Mangio said BIMP-EAGA is a market with immense potential for growth and development.
“We believe that the halal is a key area where our cultural and economic commonalities offer unique opportunities for partnership and innovation,” she said.
She added it is also important to encourage cross-border investments within BIMP-EAGA to realize the vision.
“Investment flows across our borders will drive the development of infrastructure, enhance technological capabilities and create new industries that can thrive within our integrated regional economy,” she said.
Mangio said part of the cooperation with the business chambers in BIMP-EAGA is for halal certifying bodies in the Philippines to be recognized in other countries.
“Our ultimate goal really, that’s why we are collaborating with BIMP-EAGA members, is for our certifying body to be recognized by the other countries,” she said.
The cooperation will involve sharing and exchanging of information, as well as the conduct of conferences, seminars, study tours and other similar activities.