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.