ILOILO CITY, Philippines, September 22 (IslamOnline.net) - Business people in the Autonomous Region in Muslim Mindanao (ARMM) expressed optimism that the region’s economy would further improve as they push for new efforts to increase trade and investments.

Around 250 business leaders and members of various chambers of commerce from the ARMM, most of whom were Filipino Muslims, expressed confidence on the region's ability to make a major economic turnaround at the recent 2nd ARMM Business Congress in the Islamic City of Marawi.

The economic development, the businessmen agree, would be boosted with the ARMM's participation in the Brunei Darussalam-Indonesia-Malaysia-the Philippines East ASEAN Growth Area (BIMP-EAGA).

BIMP-EAGA is a sub-regional economic grouping that similarly aims to hasten socio-economic growth and establish cross-border trade but only in less developed regions of Indonesia, Malaysia, the Philippines, but covering the whole of Brunei Darussalam.

On the other hand, ARMM is expected to benefit from the support of the Association of Southeast Asian Nations (ASEAN), which has vowed to support the enhancement of BIMP-EAGA as a significant sub-regional growth area in Southeast Asia.

At the 11th BIMP-EAGA Senior Officials Meeting held on September 10, the ASEAN secretariat through Dhannanjaya Sunoto, program coordinator and external relations officer of the ASEAN Secretariat, said that the ASEAN has reaffirmed its recognition on the significant roles of sub-regional growth areas like BIMP-EAGA.

He said the much-focused sub-region can serve as a pilot area and implementing ground for ASEAN initiatives.

Sunoto said at the senior officials meeting that the ASEAN secretariat has been cognizant of BIMP-EAGA's advanced movement and is willing to provide support through interfacing with ASEAN initiatives in order to further boost its growth.

He added that the ASEAN secretariat can help enhance BIMP-EAGA coordination and facilitation mechanisms. It may also serve as a conduit for various programs and projects of the sub-region.

Confidence in Mindanao’s economic development could also be felt during a business matching activity at the two-day congress held last September 2-3, wherein the ARMM Regional Board of Investments was able to firm up at least six ventures that would create jobs and bring in economic boom in Muslim Mindanao.

First, La Frutera, Inc. announced it would pour in a $40 million investment in the municipalities of Wao and Bumbaran, Lanao del Sur province for the development of a 2,000-hectare plantation of export-bound Cavendish banana.

Datu Imbrahim Pendatun Paglas, chief executive officer of Paglas Corporation, said another 1,000 hectares in Lanao del Sur is currently being eyed for ginger production.

One important venture being explored for ARMM is that local insurers and the Malaysia-based Monarch Insurance Company may soon hammer out an agreement on the establishment of an Islamic insurance system specific to Muslim Mindanao.

Additionally, the ARMM investments board said that a Memorandum of Understanding between Jabal Development Mining Inc. and Business Partners Asia Consulting on a possible cooperative mining exploration in Central Mindanao is also expected to be forged.

Another big venture to be seen is the proposed joint venture between BJ Coco Oil Mills Inc. and A-square Agri-Industrial Ventures on the establishment of a mini-oil mill refinery and coconut husk processing project in Malabang, Lanao del Sur.

Presidential Assistant for Mindanao and Mindanao Economic Development Council Chair Jesus Dureza told ARMM businessmen in the congress that ARMM, given its rich yet untapped natural resources, can potentially be the country's gateway to re-open business opportunities within BIMP-EAGA.

"Our work in BIMP-EAGA is to make Mindanao and Palawan the gateway to our neighbors in Brunei, Indonesia and Malaysia. Our trading, movement of people, goods and services in our border areas have been there but we would like to see Mindanao, particularly the ARMM become the gateway," he said.

The administration of President Gloria Macapagal-Arroyo, he added, would like to see ARMM the "center of growth and development."

ARMM, located in the southern Philippines, includes the City of Marawi, the mainland provinces of Lanao del Sur and Maguindanao and island-provinces of Basilan, Sulu and Tawi-Tawi.

The region covers 12,600 square kilometers of land rich in mineral reserves, fish and other products from inland lakes.

The region has spawned a total of 368.12 million pesos in total investments and over half a million pesos export earnings from January to June this year. A total of 636 new jobs were infused.