RI Approves 11 Cooperation Projects Via BKCF

Illustration (Photo: Doc. Antara)

Assistant Deputy for Regional Economic Cooperation and Subregional of the Coordinating Ministry for Economic Affairs Netty Muharni said Indonesia had approved 11 cooperation projects through the BIMP-EAGA - Republic of Korea Cooperation Fund (BKCF) funding framework.

"Following up on the cooperation agreement between Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMPE-EAGA) and the Republic of Korea, a Senior Officials Meeting (SOM) BIMP-EAGA was held in Seoul, South Korea, Thursday, July 20," said Netty, quoted from Antara, Sunday, July 23.

Then in a meeting chaired by the Director General of Cooperation between ASEAN and Southeast Asia, South Korea's Ministry of Foreign Affairs Dong Bae Kim and the Co-Chair BIMP-EAGA Secretary General of the Malaysian Ministry of Economy Dato Nor Azmie Bin Diron, 11 cooperation projects have been approved through the BIMP-EAGA-Republic of Korea Cooperation Fund (BKCF) funding framework.

Netty recalled the importance of strengthening the mechanism for implementing BKCF projects, especially through strengthening monitoring, and increasing synergy with other BIMP-EAGA stakeholders such as Clusters/Working Groups (CWGs), BIMP-EAGA Business Council (BEBC), academics, and Regional Governments in sub-regional areas.

A capacity building program for various stakeholders (stakeholders) is also needed to improve the quality of the proposal and the quality of its implementation.

"We can expand this cooperation in all priority sectors of BIMP-EAGA in the future, especially in the energy security and resilience sector and the energy transition that is being discussed globally today," he said.

Previously, in 2021-2022, 1st and 2nd Round BKCF had carried out with a total funding of 3.5 million US dollars which has attracted enthusiasm from various sectors and BIMP-EAGA entities.

In 2023, the BKCF program will be held again more inclusively in the connectivity, tourism, environmental, and agricultural sectors.

Netty explained that the meeting was also approved by the official logo and website of the BKCF so that this collaboration was better known and could provide tangible benefits for the wider community.

The use of various social media platforms has also continued to be encouraged, such as Facebook, Instagram, and Twitter, especially to reach millennial groups.

The South Korean government is committed to continuing to increase its funding contribution to US$6 million per year by 2027.

The 4th stage of the proposal in 2024 will open in January 2024.

However, the forum agreed to screen the program as early as possible to attract more quality, inclusive project proposals, in line with area priorities in the 2025 BIMP-EAGA vision, and contribute positively to the BIMP-EAGA economy.

During the meeting, representatives from each country and institution involved acknowledged the potential of this sub-regional cooperation to encourage inclusive and sustainable economic growth, improve people's living standards, and create new opportunities for the business world in the region.