Eaga nets $2.3b new deals

Eaga nets $2.3b new deals

MANILA (UPI): A total of $2.35 billion in investment deals across an economic cooperation area in east Asia was signed by the Philippines, Brunei, Indonesia and Malaysia, officials said yesterday.

The new projects bring to $2.63 billion the total agreements reached between the four member countries since the East Asean Growth Area (EAGA) was formed in March 1994.

Presidential Assistant Paul Dominguez said the new agreements include the installation of a water distribution system between Malaysia and the Philippines and the construction of a coco coir facility in the southern province of Sulu.

Dominguez said the most of projects would be undertaken by the private sector, which has actively supported the growth area.

Eaga aims to boost the economic performance of regions in the four countries which have lagged behind the national development.