Sabah sign deals of $87m

Sabah sign deals of $87m

DAVAO, Philippines (AFP): Businessmen from the Malaysian state
of Sabah have signed agreements worth about 21 billion pesos
(US$87 million) in the southern Philippines, Sabah Chief Minister
Yong Teck Lee said here Saturday.

Lee said the 300-member delegation signed 25 memoranda of
understanding and joint venture agreements during visits to the
Philippine cities of Cotabato, Zamboanga and Davao, where they
attended a regional business conference.

The agreements between Malaysian and Philippine companies
covered such areas as building materials and ferry services
between Sabah and the southern Philippines, he said without
elaborating.

Earlier, Philippine officials said at least 42 billion pesos
of business deals involving local and foreign firms, were signed
at a regional business conference held in this southern city.
Yong said the Sabah agreements were part of these.

His visit was part of an effort to promote the East ASEAN
Growth Area (EAGA), a Philippine initiative to integrate the
economies of the southern Philippines and nearby areas of Brunei,
Malaysia and Indonesia.