LCME To Help Boost Bilateral Trade Between Malaysia and the Philippines
The Labuan Chamber of Malay Entrepreneurs (LCME) has signed an agreement with the Brooke’s Point Chamber of Commerce and Industry (BPCCI) to help boost bilateral trade between Malaysia and the Philippines.
Specifically, the Brooke’s Point Chamber of Commerce and Industry, Inc. (BPCCI) and Labuan Chamber of Malay Entrepreneurs (LCME) signed a memorandum of understanding (MOU) that formalizes the trade ties between the municipalities of Brooke’s Point in Palawan and Labuan in Malaysia.
The collaboration inked by executives from both chambers during the 41st Philippine Business Conference and Expo is seen to mark the beginning of a new level of collaboration between Brooke’s Point, Palawan and Labuan, Malaysia.
The BPCCI is a chapter of the Philippines Chamber of Commerce and Industry (PCCI) based in the Municipality of Brooke’s Point in the Province of Palawan, Philippines, while the LCME is a Chamber of Commerce based in the Federal Territory of Labuan.
This is the first formal collaboration between two chambers from two neighboring nations.
“This will not benefit Brooke’s Point alone but other places in the Philippines also. The needs of Labuan that Brooke’s Point could not provide, other parts of the Philippines can provide through Brooke’s Point,” BPCCI president Jamie Jane Lee said.
“The opening of business from Labuan and Brooke’s Point will formally open and we hope that the business of both municipalities will progress. They are interested with our agricultural products. They also have their halal hub which they use to manufacture, while ours here in Palawan will be importing some of their products,” added BPCCI chairman Narciso Leoncio.
Leoncio said that by formalizing trade between the two municipalities, rampant smuggling in the port of Brooke’s Point will be eradicated.
The collaboration between the two chambers is seen to establish, promote and strengthen sea linkages between Labuan port and the port of Brooke’s Point.
Through the agreement, LCME is expected to assist BPCCI in facilitating the development of the port of Brooke’s Point.
The signing of the agreement will also reinforce regular communication, business policies and programs, cultural exchanges, and sharing of information which provide mutual benefits to the people of both territories.
In 2014, Malaysia’s bilateral trade with the Philippines has gone up to USD5.26 billion from USD4.47 billion in 2013.
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